Texas REALTORS® is updating its forms library in light of the NAR settlement. Revised and new forms will be available June 24, 2024.
These updates will ensure you comply with MLS policy changes when using Texas REALTORS® forms, increase transparency and clarity regarding broker compensation, and provide flexibility for use with various business and compensation models. The updated forms can be used even if your MLS has not yet updated its MLS rules. All MLSs must be in compliance with the new requirements no later than August 17, 2024.
Here are forms that will be updated or added to the library:
- TXR 1101 Residential Real Estate Listing Agreement, Exclusive Right to Sell
- TXR 1102 Residential Real Estate Listing Agreement, Exclusive Right to Lease
- TXR 1201 Farm and Ranch Real Estate Listing Agreement, Exclusive Right to Sell
- TXR 1402 Named Exclusions Addendum to Listing
- TXR 1403 Exclusive Agency Addendum to Listing
- TXR 1404 Amendment to Listing
- TXR 1417 Representation Disclosure
- TXR 1501 Residential Buyer/Tenant Representation Agreement
- TXR 1505 Amendment to Buyer/Tenant Representation Agreement
- TXR 1506 General Information and Notice to Buyers and Sellers
- TXR 1507 Residential Buyer/Tenant Representation Agreement (new short form)
- TXR 2301 Independent Contractor Agreement for Sales Associate
- TXR 2401 Compensation Agreement Between Broker and Owner (new name)
- TXR 2402 Compensation Agreement Between Brokers (new name)
- TXR 2405 Referral Agreement Between Brokers
I believe in some of the agreements, perhaps it is the 1 to 4 residential one, but there should be a notice that a Buyer can not do an inspection on the house before the option and earnest money is paid. People are inspecting and then dropping contracts, without ever payiing the option and earnest money. That just doesn’t seem right in our industry.
Agree!
Until option money is delivered, buyer does not have the option to “drop the contract” without being in breach of the contract. ie: They have not yet bought the Option to Terminate.
That is a TREC form; NAR has nothing to do with that….
Agree!
I highly agree with this!
According to the contract, the Buyer does not have an option period unless the option fee is delivered on-time. So, no payment….no right to opt out.
I understood without the option money they had no right to terminate.
Hi, I have had buyer’s agents try this, I simply do not allow inspection access to the property until option and EM are deposited.
We are out here in El Paso and I did not see any place where we can get the updates or a zoom meeting -pl help me
Why can’t we download a copy?
Why are you guys publishing new forms before the settlement is finalized? This seems incredibly reckless. The DOJ just last week (05/20/24) said they want another court to review the settlement, meaning it may not even happen, and they’re considering backing out.
I am surprised that we have heard nothing from TREC. For all of these years we have been instructed as to the dangers of duel agency; elaborate procedures of assigning to another agent within one’s office. I suppose, in a way, that will not change but realistically I believe that we are headed into a situation that TREC has always argued leaves Buyers inadequately represented. Perhaps we have moved to the point that it will work out fine. Perhaps some sort of Zillow AI will help lead Buyers through the Residential 1-4. Zillow, and others, despite not having access to… Read more »
Lori Leavy from Texas Realtors said on the video that Texas real estate commission forms are going to follow suit to what Texas Realtors comes out with
D U A L agency is not really a thing in Texas … It is intermediary which is easy to do if you are an honest Realtor.
When will the redline versions of the revised forms be available for review?
With new laws & forms going into effect 17 Aug 2024, what about the contracts that are in place now/before the deadline?
Will they have to be updated or can they stay as grandfathered?
Debbie- As a real estate instructor for over 34 years, I have just one thing to say to you……….Thank you!