The Texas Real Estate Commission published notice of the following revised standard real estate contract forms effective August 24, 2011. All of the forms are available from the Texas Real Estate Commission’s website, and of course within BULLFormsTexas.com.
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- Unimproved Property Contract: 1 to 4 Family Residences (Standard Contract Form TREC No. 9-9)
- One to Four Family Residential Contract – Resale (Standard Contract Form TREC No. 20-10)
- New Home Contract – Incomplete Construction (Standard Contract Form TREC No. 23-11)
- New Home Contract – Completed Construction (Standard Contract Form TREC No. 24-11)
- Farm and Ranch Contract (Standard Contract Form TREC No. 25-8)
- Residential Condominium Contract – Resale (Standard Contract Form TREC No. 30-9)
The reason for the update is the removal of subparagraph 15B, which required a party to the contract to file suite for specific performance within 45 days of the closing date of the contract. This subparagraph may conflict with 16.070 of the Civil Practice and Remedies Code, which precludes parties to a contract from agreeing to shorten the time period in which to file suit to less than two years.
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Additional thanks to Black | Mann & Graham LLP for the press release.
