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One to Four Family Residential Contract (Resale) (Form ID: 20-17) Effective Date: 02/01/2023. Description: This is the most frequently used contract form. It is used for the resale of residential properties that are either a single family home, a duplex, a tri-plex or a four-plex.
ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE) NOTICE: Not For Use For Condominium Transactions. EQUAL HOUSING OPPORTUNITY. PARTIES: The parties to this contract are (Seller) and (Buyer). Seller agrees to sell and convey to Buyer and Buyer agrees to buy from Seller the Property defined below.
TREC contract. A quick reference guide. It’s one of the most commonly used forms among REALTORS® in Texas, which means there are more opportunities to make a misstep. Use the One to Four Family Residential Contract (Resale) (TXR 1601, TREC 20-16) correctly with this handy guide. 2 v. 01.22
Paragraph 6 (D) is one of the most misunderstood sections in the TREC One to Four Family Residential Contract. License holders use this section to “get out “of the agreement (for example, entering the clause “single-family residential use, or single-family use”).
In this video, we’re going to walk step-by-step through the 10 pages of the TREC One to Four Residential Resale Contract (Form No. 20-14) which is promulgate...
Paragraph numbers referenced are from the One to Four Family Residential Contract (Resale). Paragraph 4 is amended to add the term “geothermal” to the definition of Natural Resource Leases as a result of a 2023 law change that stipulates property owners own the geothermal energy below the surface of their land and can drill or produce that ...
Examples: – A One to Four Family Contract is used for single dwellings, duplex, triplex, quadruplex, and townhouses (when the land is owned fee simple) – A Condominium Contract is used when selling a unit (paint to paint).
In addition to adopting a new Consumer Protection Notice, and revamping other contract forms and addenda, the Commission has adopted significant revisions to the One to Four Family Residential Contract (Resale).
There are some significant changes to the TREC One-To-Four Family Residential Contract (“Contract”) worth highlighting. These include changes to earnest money and option fee, residential and fixture leases, controls and smart devices, full disclosure of broker/agent, and addendums.
As of April 1, 2021, Texas real estate agents are required to adopt and use the newly updated One to Four Family Residential Contract (Resale) from TREC. For the most part, much of the purchase contract remains the same, but there are a few updates you’ll want to be aware of.