Get TX TREC 20-14 2018-2023

At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.

11. SPECIAL PROVISIONS: (Insert only factual statements and business details applicable to the sale. TREC rules prohibit license holders from adding factual statements or business details for which a contract addendum, lease or other form has been promulgated by TREC for mandatory use.)

Paragraph 9 A of the contract recites the following about closing: The closing of the sale will be on or before ____________________, 20__, or within 7 days after objections made under Paragraph 6D have been cured or waived, whichever date is later (closing Date).

Paragraph 10. Usually, a buyer will “possess” the property the same day they close on it. You get the keys at the closing table, the seller is moved out, and you move in! Note that the transaction is not complete until it funds.

"Promulgate" means to make known publicly. When TREC promulgates a contract, that means they've made it official, or law. In other words, they require that particular form to be used by all agents in any relevant transaction.

Real estate license holders are required to use these forms. However, TREC contract forms are intended for use primarily by licensed real estate brokers or sales agents who are trained in their correct use. Mistakes in the use of a form may result in financial loss or a contract which is unenforceable.

Proper Uses of Paragraph 11: The Special Provisions paragraph is to allow the buyer and seller to make factual statements and attend to business details that may arise in a sale. It is NOT designed to let the parties rewrite the contract, or include complex legal provisions.

The only penalty for not paying the option fee is that the buyer doesn't have the option to terminate. Under Paragraph 23, Termination Option, buyers may pay a fee for the option to terminate the contract within a negotiated number of days.