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Contracts and Forms Update May 22, 2014

Contracts and Forms Update May 22, 2014. Agenda. Highlight of 2014 Changes 2014 Contract and Disclosure Review Zip Form Q&A. 2014 Highlights.

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Contracts and Forms Update May 22, 2014

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  1. Contracts and Forms Update May 22, 2014

  2. Agenda • Highlight of 2014 Changes • 2014 Contract and Disclosure Review • Zip Form • Q&A

  3. 2014 Highlights • Financing – Added Not for use with Reverse Mortgage financing.  A New Reverse Financing Mortgage Addendum form will be available for use by June 1, 2014. • Property Condition – Changes wording from “in its present condition” to “As Is” with a definition of ‘as is”. • Property Repairs – Unless the buyer and seller agree otherwise in writing, the seller will now be required to use someone who is licensed to perform the repair or service. • Possession– New language sets the time limit of seven days for sellers to provide copies of leases and move-in condition forms

  4. 2014 Highlights (Cont.) • Mediation– Not negotiable. Buyers and sellers now must resolve any contract-related dispute through mediation • Termination Option – Buyer will now have three (3) days to deliver their option fee to the seller or listing broker instead of two days. Remember TREC forms us only calendar days • Property in a Propane Gas System Service Area – New Addendum form and added to paragraph 22. • Consult an Attorney – Language change directing parties to consult an attorney before signing the contract • Broker Information page 9 – New language reinforces that names should be printed, Not signed, on the appropriate lines.

  5. Texas Real Estate.com • Website https://www.texasrealestate.com/realtor-forms/adopted-revisions

  6. Q&A

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