On Feb. 14, the Texas Real Estate Commission revised the contracts that had been adopted and posted for voluntary use on Nov. 15, 2010, with a mandatory use date of March 1. The 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. Listen to the latest Texas REALTOR® Update podcast for a more in-depth explanation.
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
Contracts that were entered into using versions of these forms dated Nov. 15, 2010, do not need to be rewritten but it is acceptable to do so; Paragraph 15B as it is stated in those contracts is not enforceable. However, going forward, ensure that you're using the Feb. 14, 2011, versions of these forms.
The latest versions of these contracts are available for voluntary use in the Forms section of TexasRealtors.com. Use of these contracts is mandatory on March 1. ZipForm has been notified and will soon post the corrected versions.
Also on March 1, you must use revised versions of the following forms, which are dated Nov, 15, 2010:
TAR 1901: Third Party Financing Condition Addendum
TAR 1922: Addendum for Property Subject to Mandatory Membership in a Property Owners Association
TAR 2513: Disclosure of Relationship with Residential Service Company