Comment Today on Proposed New, Revised Forms

Texas REALTORS® wants to hear what you have to say about proposed changes to several residential forms. 

The association invites you to comment on 12 new and revised forms. The forms have just been posted—you have a chance to weigh in before it’s more widely announced. Your expertise and experience as a broker are invaluable to keeping these documents useful! See what’s being proposed and comment before October 24.

NEW FORMS
Showing Form (TXR 1508)
This form can be used for non-agency showing of residential property for sale. 

Residential Contract Critical Date List (TXR 1958)
This form includes important dates and deadlines for several provisions in the One to Four Family Residential Contract (Resale) (TXR 1601, TREC 20-18). 

REVISED FORMS
Residential Real Estate Listing Agreement, Exclusive Right to Sell (TXR 1101)
Revisions include:

• Removing Paragraph 5A authorization for listing broker to share compensation with other brokers
• Adding a definition of “related party”
• Adding a paragraph prohibiting a related party from selling the property during the protection period without compensating the broker
• Adding T-47.1 Declaration as an option in section 19D. 

These changes will also be made to the Farm and Ranch Real Estate Listing Agreement, Exclusive Right to Sell (TXR 1201).

Amendment to Listing (TXR 1404)
Proposed updates match proposed changes to the listing agreement regarding the sharing of broker compensation with other brokers. 

Information About On-Site Sewer Facility (TXR 1407)
Paragraph D was updated with the date and source of information for wastewater usage rates. 

Seller’s Disclosure Notice (TXR 1406)
The proposed changes include:

• Adding new disclosures for above-ground storage tanks and private roads
• Adding new disclosures related to TREC disclosure requirements
• Renumbering and reordering sections to keep insurance-related disclosures together
• A new definition for conservation easements.

Condominium Addendum (TXR 1401)
The proposed revisions change the term unit to property throughout. 

Buyer/Tenant Representation Agreement-Long Form (TXR 1501)
Proposed changes include: 

• Removing Residential from the title to allow the form to be used in more transactions, including farm & ranch
• New language to clarify broker compensation
• A new subparagraph that provides a retainer provision
• A new subparagraph notifying buyers and tenants about changes to Texas law following the passage of Senate Bill 17 relating to foreign acquisition of real property interests. 

Termination of Buyer/Tenant Representation Agreement (TXR 1503)
Revisions include: 

• Additional language to emphasize that both parties must sign the termination agreement
• Clarifying language about the termination fee
• Addition of "related party" to the protection period
• Added language about certain provisions surviving termination. 

Notice of Withdrawal of Offer (TXR 1945)
The proposed revision is a change to the wording to allow the withdrawal of an offer or counteroffer to purchase, sell, or amend a contract. 

Compensation Agreement Between Brokers (TXR 2402)
The proposed change is added language at the top to include a notice not to use the form without written authorization from a seller, allowing the listing broker to share compensation with a cooperating broker. 

Buying Your Home: Settlement Costs and Helpful Information (HUD Form) (TXR 2512)
You can comment on this form being considered for retirement due to its underutilization.