The Edge: Feb. 28, 2011
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The Texas Real Estate Commission took emergency action on February 14, 2011 to adopt revised standard contract forms including removing sub-paragraph 15B which required sellers or buyers to file an action for specific performance within 45 days of closing. The updated forms are available on the TREC website and should be used for pending and new transactions. Licensees do not need to change pending contracts that used previous versions but may rewrite using the new forms if parties wish.
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