MCE Providers News & Updates

The Texas Real Estate Commission on February 14, 2011 revised several voluntary contracts with a mandatory use date of March 1. The voluntary contracts were originally issued on November 15, 2010. Real estate professionals must realize that the latest change removes the new Paragraph 15B, which provided a time period for asserting a claim for specific performance, and returns Paragraph 15 to the way it existed prior to the adoption of the new contracts.
The affected contracts are:

TAR 1601: One to Four Family Residential Contract (Resale)
TAR 1603: New Home Contract (Incomplete Construction)
TAR 1604: New Home Contract (Completed Construction)
TAR 1605: Residential Condominium Contract
TAR 1607: Unimproved Property Contract
TAR 1701: Farm and Ranch Contract

Agents are reminded that contracts which were entered into using versions of these forms dated Nov. 15, 2010; do not need to be rewritten. However agents should take note they are using the Feb. 14, 2011, versions of these forms for all future contracts.