The Texas Real Estate Commission met February 10 and adopted changes to the Information About Brokerage Services (TXR 2501, TREC IABS 1-0) form and Notice of Buyer’s Termination of Contract (TXR 1902, TREC 38-7). The updated forms will be available on the TREC website for voluntary use soon. The mandatory effective date of the updated forms is April 1.
Summary of Changes
- The updated IABS form clarifies to consumers that any brokerage fees are not set by law and are negotiable.
- There is a clarifying change in Paragraph 2 of the Notice of Buyer’s Termination of Contract to ensure that the buyer has delivered the lender’s written statement to the seller in accordance with recent changes to Paragraph 2A, Buyer Approval, of the Third Party Financing Addendum.
Commission Leadership
Broker member Mark Woodruff was elected vice-chair of TREC, and broker member Chance Brown was elected as secretary of TREC. Public member Ben Peña was appointed as an ex-officio member.
TREC on the Road
Meet the commissioners of TREC in San Antonio on May 5 at 10 a.m. at the Embassy Suites by Hilton San Antonio Landmark. More details are available on TREC’s website.
Glad For Chance! He’ll make a difference!
A link, in the article, to the new forms would have been helpful.
Thank you for all the effort to make sure we are in compliance with the NAR DOJ ruling. Even now we know there are new forms coming. Keep up the good work.