In today’s issue of the Texas Register (Vol. 36, No. 33), the Texas Real Estate Commission published notice of the following revised standard real estate contract forms effective August 24, 2011. These form are available from the Texas Real Estate Commission’s website at Unimproved Property Contract: 1-to-4 family residences (Standard Contract Form TREC No. 9-9). One to Four Family Residential Contract-Resale (Standard Contract Form TREC No. 20-10). New Home Contract-Incomplete Construction (Standard Contract Form TREC No. 23-11). New Home Contract- Completed Construction (Standard Contract Form TREC No. 24-11). Farm and Ranch Contract (Standard Contract Form TREC No. 25-8). Residential Condominium Contract-Resale (Standard Contract Form TREC No. 30-9). The Texas Real Estate Commission eliminated from these contracts subparagraph 15B, which requires a party to the contract to file suit for specific performance within 45 days of the closing date of the contract, because this subparagraph may conflict with §16.070 of the Civil Practice and Remedies Code, which precludes parties to a contract from agreeing to shorten the time period in which to file suit to less than two years.

Complete Memorandum