With August 17th approaching quickly we thought the chart included in this article would be helpful for realtors regarding form updates and new forms.
Another important date to consider is June 24th which is the date on which these forms became live or were changed. These updated forms replace the previous versions and should be used moving forward.
The chart below can be used to understand existing and new Texas Association of Realtors (“TAR”) forms. Click here to view an enlarged, printable PDF of this chart with active links to the online TAR videos
TAR has also provided a video summary that is very helpful: Texas REALTORS® Forms Update 06.18.2024 on Vimeo
Frequently Asked Questions:
Q: What if your buyer/seller signed a representation agreement on the pre-June 24th form version?
Is a new agreement required?
A: If the client signed a pre-June 24th representation agreement and that client has entered into contract to sell or buy prior to August 17th, an updated representation agreement is not required. If the client does not enter into a contract to buy or sell prior to August 17th, then an updated or new representation agreement is needed. TXR 2701 Amendment to Representation Agreement has been created for you to be able to update an existing agreement.
Q: Have the TREC contract forms changed?
A: At this time the Texas Real Estate Commission contracts have not changed. While the Broker/Lawyer committee has met, discussed, and submitted revisions to the Commission, no changes are currently approved.
Q: In TXR 1101 what is supposed to go in the blank spaces in Paragraph 5A(2)(b) or Paragraph 5(B)(1)(b)?
A:This allows for other compensation arrangements