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TX RE Salesperson
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Texas Contracts & Agency
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Texas Contracts
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4.1 - Texas Contracts
Valid contract elements: CALCO (Competent parties, Agreement, Legality, Consideration, in writing)
Contract status: valid, void, voidable, unenforceable
Statute of Frauds: all real estate contracts must be in writing
Offer/counteroffer: mirror image rule; any change = counteroffer
TX mandatory forms: agents MUST use TREC promulgated forms; attorneys may draft custom
Primary form: TREC 20-17 (One to Four Family Residential Contract)
Option Period: Option Fee to SELLER (non-refundable); unrestricted right to terminate; credited at closing
Earnest money: to ESCROW AGENT (title company); refundable under contingencies
Financing contingency: TREC 40-10 (Third Party Financing Addendum)
TX listing types: exclusive right to sell (strongest broker protection), exclusive agency, open, net
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Texas Contracts & Agency
Texas Contracts
4.1 - Texas Contracts
Valid contract elements: CALCO (Competent parties, Agreement, Legality, Consideration, in writing)
Contract status: valid, void, voidable, unenforceable
Statute of Frauds: all real estate contracts must be in writing
Offer/counteroffer: mirror image rule; any change = counteroffer
TX mandatory forms: agents MUST use TREC promulgated forms; attorneys may draft custom
Primary form: TREC 20-17 (One to Four Family Residential Contract)
Option Period: Option Fee to SELLER (non-refundable); unrestricted right to terminate; credited at closing
Earnest money: to ESCROW AGENT (title company); refundable under contingencies
Financing contingency: TREC 40-10 (Third Party Financing Addendum)
TX listing types: exclusive right to sell (strongest broker protection), exclusive agency, open, net
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