Rules & Contract Updates From the November TREC Meeting
During the November quarterly meeting of the Texas Real Estate Commission, several rule changes were proposed and form changes were adopted.
In addition to several proposed rules, the Commission adopted a change to the Consumer Protection Notice form, which was recommended by the Texas Real Estate Inspector Committee.
The change adds a statement to alert consumers that inspectors licensed by TREC are required to maintain errors and omissions insurance to cover losses arising from the performance of a real estate inspection in a negligent or incompetent manner. The form is effective on Feb. 1, 2021.
Changes were also adopted to the following contract forms:
One to Four Family Residential Contract (Resale)
New Home Contract (Incomplete Construction)
New Home Contract (Complete Construction)
Residential Condominium Contract (Resale)
Addendum for Property Subject to Mandatory Membership in a Property Owners Association