When one of the parties needs more Option time than originally anticipated, the parties can mutually agree to an extension of the Option Period. Read more about the Termination Option [...]
The contract forms promulgated by the Texas Real Estate Commission (TREC) have a somewhat peculiar provision called the Option Period. You may have heard the term “option contract” before, but options in real estate contracts are typically concerned with the [...]
In the olden days, property transactions were governed by “buyer beware” and the seller had no duty to disclose known conditions. In the 1990s, however, both Texas and Oklahoma legislatures realized that sellers should have a legal duty to disclose known defects. While buyers do still bear [...]
Absolutely! The Seller's (or Landlord's) disclosure of lead-based paint hazards is required by federal law - and brokers are also required to ensure compliance. Sellers (Landlords) must disclose known hazards or reports to Buyers (Tenants), who must [...]
Escrow is the process of placing funds in trust with a third party until all conditions are met. The Escrow Agent for our TREC contracts is the neutral third party holding trust funds, conducting the closing, and making disbursements after the closing and funding. This could be a [...]
What is “survey coverage”? The contract is so confusing!
In Texas, the base Owner’s Title Policy does not include title insurance coverage for issues related to the property’s survey such as boundary lines or encroachments. These are among the [...]
