The Texas Real Estate Commission during its May meeting proposed several changes to the commission’s forms. The deadline to email comments to the commission is July 13. Among the changes proposed, one would require delivery of the termination option fee to the escrow agent instead of the seller.
Read the full text of the changes in the Texas Register.
Download a PDF redline of the One to Four Family Residential Contract (Resale).
I am glad neither the broker nor the agent has to receive or signed for the termination option fee. Thank you. I agree with this changes.
Yes, this option is not an option. Lol
I recently had a buyer to one of my clients home that did not own check book. We worked up a process that the Option Fee would be paid by Zelle or some other bank app. The seller simply told me when it arrived. Maybe some sort of language addressing electronic payment could or should be added to the 1-4 contract.
Dana yes, just using a soft bank and not traditional should definitely be spelled out because of all the gift cards and debit card scams, not to mention e-commerce merchants.
Looks updated and savvy. I’ve kinda expected this.
I think this is a benefit to all
I think TREC needs to change the rule on buyer and seller fighting it out with disagreements on who gets the earnest money. If both parties disagree its a standoff with no regulation other than mediation or lawsuit 2500.00 earnest money fight is just enough to pay partial attorney fees so that idea doesn’t. work. Florida FREC has a panel that makes the decision its final. Great system TREC needs to maybe follow their system. Just a suggest to fix this.
So we going back to the old way, check dropped off at title, why do we change things just to go back. The old saying………if it’s not broke don’t fix it.
Under paragraph 5B it appears that if the Buyer submits the Ernest Money before the Seller terminates or exercises his rights under paragraph 15 the Seller loses his right to terminate or to exercise his rights under paragraph 15.
What does the title company have to say about this? So will their receptionists be responsible for confirming that option was received and then sent to seller? Will title company then charge a fee for having to process option ?
Thank you, thank you for allowing Option Fee to be paid directly to Title Company/Escrow Agent! This will streamline and simplify getting EM and Option Fee delivered and contract fully receipted.
Request to include timeline for sendingTo the buyers executed copy of contract similar to timeline for option end(5pm). Due to smart age, listing agent sends the executed copy back to the buyers late night ( sometimes 11 pm) hence reduces a day from the option period.