The Texas Real Estate Commission (TREC) adopts amendments to §537.20, concerning Standard Contract Form TREC No. 9-9, Unimproved Property Contract; §537.28, concerning Standard Contract Form TREC No. 20-10, One to Four Family Residential Contract (Resale); §537.30, concerning Standard Contract Form TREC No. 23-11, New Home Contract (Incomplete Construction); §537.31, concerning Standard Contract Form TREC No. 24-11, New Home Contract (Completed Construction); §537.32, concerning Standard Contract Form TREC No. 25-8, Farm and Ranch Contract; and §537.37, concerning Standard Contract Form TREC No. 30-9, Residential Condominium Contract (Resale), with changes to the proposed text as published in the May 27, 2011, issue of the Texas Register (36 TexReg 3259) and also with changes to the contract forms adopted by reference. The difference between the proposal and the adoption is that the Commission's telephone number and website address were changed in the rule text and on the forms.

The amendments adopt the elimination from the contracts of 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. This change was adopted on an emergency basis at the February meeting of the Texas Real Estate Commission effective March 1, 2011. The 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. This change was adopted on an emergency basis to prevent confusion and possible litigation regarding a potential conflict between a contract provision and an existing statutory provision. The amendments also correct typographical errors in paragraph 7 in both TREC No. 9-9, Unimproved Contract and TREC No. 24-11, New Home Contract (Completed Construction).

The reasoned justification for the amendments is the availability of current standardized contract forms which are consistent with the law.

No comments were received on the amendments as proposed.

The amendments are adopted under Texas Occupations Code, §1101.151, which authorizes the Texas Real Estate Commission to make and enforce all rules and regulations necessary for the performance of its duties and to establish standards of conduct and ethics for its licensees in keeping with the purpose and intent of the Act to ensure compliance with the provisions of the Act.

The statutes affected by this adoption are Texas Occupations Code, Chapters 1101, 1102, and 1303; and Texas Property Code, Chapter 221. No other statute, code or article is affected by this adoption.