The Texas Real Estate Commission (TREC) in November approved several changes to residential contract forms that go into effect April 1, 2021.
The biggest of these changes affects delivery of the option fee. The revised Paragraph 5 combines payment of earnest money and termination option in a single provision and calls for payment of the termination option fee to the escrow agent.
Texas REALTORS® has published answers to frequently asked questions about the changes to delivery of the option fee.
You can also see redlined versions of the approved form revisions at texasrealestate.com.
