Six New TREC Contract Forms Approved

The Texas Real Estate Commission published notice of the following revised standard real estate contract forms effective August 24, 2011. ¬†All of the forms are available from the Texas Real Estate Commission’s website, and of course within BULLFormsTexas.com.

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The reason for the update is the removal of subparagraph 15B, which required a party to the contract to file suite for specific performance within 45 days of the closing date of the contract. This subparagraph may conflict with 16.070 of the Civil Practice and Remedies Code, which precludes parties to a contract from agreeing to shorten the time period in which to file suit to less than two years.

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Additional thanks to Black | Mann & Graham LLP for the press release.

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