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: