I was talking to a real estate education friend of mine and she pointed out something that I think you will find interesting. Take a look at the Amendment to contract. Now look at the last revision date. The last revision was in 2015. I think it is really interesting that almost all of the main contracts…ONE TO FOUR FAMILY RESIDNETIAL CONTRACT (resale), and other contracts had numerous changes that went live on April 1st, but the supporting document, the document that is designed to update the contract had ZERO changes. This answers the question as to why some paragraphs were not renumbered… in order to keep other forms like this one from having a forced revision. But here is were it gets interesting.
We are talking about the ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (resale). The termination option fee was moved from the back of the contract to page two. The new procedure that is stated on this page is that the termination option fee is to be paid to the title company. The termination option fee can be included in the same check as the earnest money. No changes to the timelines but the timelines were explained better when it comes to holidays and weekends. That’s the backstory here’s the rest of the story.
As I said in the first paragraph the Amendment, TREC 39-8, has not changed. Bullet point (6) addresses the termination option: “Buyer has paid Seller an additional Option Fee of $ for an extension of the unrestricted right to terminate the contract on or before 5:00 p.m. on _______________, 20__ . This additional Option Fee [ ] will [ ] will not be credited to the Sales Price.” So your initial termination option fee goes to the title company, but if there is an additional option fee the title company WILL NOT be accepting it, BUT they will have to know that it happened so that it can be credited to the Sales Price. So the seller is not completely at the mercy of the Texas contract, they will directly be receiving any additional termination options. Interesting, very interesting, and yes I have more to say but that’s all for now.
Helping you to…
Live the Real Estate Life,
Let me first say that you can NEVER stop learning, however I think that I am close to mastery on this topic. I have been researching Municipal Utility Districts for over two years now in order to get a clear understanding of The Texas water Code as it relates specifically to selling a One to Four Family Residential home in Texas. I am writing this to bring sellers, buyers and real estate agents up to speed on my latest findings. This is not an all-inclusive article. In other words you will have to have a basic knowledge of how Municipal Utility Districts work in Texas in order for a lot of this to make sense. If you are a buyer or seller you can reach out to me directly. If you are a Texas real estate salesperson or broker I would direct you to my website www.Livingtherealestate.com so that you can access my calendar and see when I am teaching the M.U.D. topic next.
Here is the revelation for this article both the why and where. Remember this is not all inclusive information. Harris County is an extremely large county and if you are practicing real estate in the Houston area you will more than likely be working in Harris County at some point in time. Harris County has two Municipal Water Districts that you need to be aware of—1) Harris County Flood Control District 2) Port of Houston Authority. Both of these encompass all of Harris County. This is the why, why you do NOT need to present the statutory notice. Now for the where….Where did I get this information? I am glad you asked, according to the Texas Water Code SUBCHAPTER M, Section 49.452. “…and which districts includes less than all the territory in at least one county…” This is a really long sentence so I am only referencing the part for this article. The key word is less, “less than all the territory in at least one county.” So you do not have to provide a statutory notice for the Harris County Flood Control District or Port of Houston Authority because they encompass the ENTIRE COUNTY. Yes it is that simple, you now have the why and the where.
This brings me to my next point. The website https://www.tceq.texas.gov/ has a map viewer with filters that show ALL of the Municipal Utility Districts for a specific property. Yes you can have more than one M.U.D. for a property. Using the TCEQ map viewer you can type in a property address and it will show you each boundary that the home is located in, so you can clearly see that the Port of Houston Authority covers all of Harris County and therefore you would not be required to present a statutory notice.
That’s it short and sweet, I didn’t want to overwhelm you with information. I hope you found this useful in your journey to….
Live Life to the Fullest,
The new form TREC 20-15 is now available for real estate agents in Texas to start using. I have adjusted my offer worksheet to match the new contract and you can find it below, but before we get to that here is some interesting numbers. This revision bring with it 6,388 words, 33,477 characters without spaces, 39,803 characters with spaces and 772 lines. For those keeping score at home that and increase of 399 words, 2,459 characters without spaces, 3,001 characters with spaces and 51 lines. All those increases and we now have 23 paragraphs versus 24 on the old version. That’s right somehow we lost a paragraph and yet we managed to pick up an extra page. This one is easy to explain because the FINAL ACCEPTANCE now has it’s own page, yet somehow the STATUTORY TAX DISTRICTS (6. C. (3)) got split between pages 3 and 4. This section (6. C. (3)) is incredibly important for any seller OR buyer of property located in a STATUTORY TAX DISTRICT, aka M.U.D.. That’s enough for now. Enjoy the Buyer’s offer worksheet. Mandatory use of TREC 20-15 is APRIL 1, 2021.
Helping you to…Live the Real Estate Life, Scott
No dialog to follow. I am posting the NEW T.R.E.C. Consumer Protection Notice and the old one so you can see the differences for yourself.
Helping you to…
LIVE the Real Estate Life
That’s right–take your real estate continuing education classes in a tropical location. Click here for more information.
Start planning your C.E. adventure now and you will be….
LIVING the Real Estate Life!!!
That’s right I have a very high energy class called Voice Activating Real Estate: INTRO #39400 (3 Hours T.R.E.C. Continuing Education) Learn how Voice Assistant Technology works and how it can work with your real estate business. Learn from an Alexa Voice Skill award winner and creator of the first Alexa voice Skill for Real Estate in The Woodlands, Texas. This is the perquisite for the second class in my Voice Technology Series. Authored & Taught by Scott Culberson, Provider Living the Real Estate Life #10445
Wednesday, November 4, 2020 9:00am-Noon.
Click the link to register : https://livingtherealestatelife.com/class/voice-activating-real-estate-intro-39400/
Did I mention their MIGHT be a drawing? Yes, if we have 30 or more students to take the class I will draw a name and someone will win a 3rd Generation Amazon Echo Dot $50 value.
I have been working Alexa’s circuits over time in preparation for the class I wrote for Texas REALTORS. That’s right I wrote a 3 hour real estate continuing education class dedicated to VOICE ASSISTANTS and she who may not be named. If your a real estate agent you do not want to miss this opportunity to understand what VOICE is all about and some tips on how you might incorporated it in your business NOW. The class is Monday, July 13th so it IS NOT TO LATE.
You can register for the class on the Texas Realtors website under education. Click here.
This is your first opportunity, but it WON’T BE your last. Jump on board and ride the VOICE wave with me.
This class WILL help you to…
Live the Real Estate Life,
So everything for the next year will be a first for LIVING THE REAL ESTATE LIFE, the company and the real estate education school. So for the company we are still knee deep in launching Voice Guided Home TM. If you sell homes, either as a listing agent or a new home sales professional this may be the service you have been looking for. Call or email me for more information and how you can get a free trial. NOTE*** Free trials are first come first serve and this post is not a guarantee that you’ll get a free trial so reach out to me super fast.
Living the Real Estate Life the Texas based Real Estate Continuing Education school so far have 8, count ‘um, 8 opportunities for you to come and learn with us in July. It is not too late to sign up. Spoiler alert— I’ll have a special guest with me for everyone of these classes. She will be UN-named for now. Did I give it away, I hope not, I was hoping to build some suspense. Click on the calendar tap to see the details and if you need to you can always reach out to me.
Happy Independence Day America, I hope your citizens are safe and enjoy their fireworks, adult beverages and time with family and friends. Please let me know if I can help you to…
Live the Real Estate Life,
Provide real estate agents, their sellers and potential buyers an out of the box showing experience.
This is something we have been working on a while and now it is time to make this available to real estate agents. We put the work in to provide you with the voice of a new era.
Real estate is an extremely competitive profession. A profession that continues to grow in numbers even during the direst times. The real estate industry is constantly growing and changing. I think we would all agree. Now more than ever you need an edge, something that sets you apart from the rest of the competition. Let’s talk about that.
So you want your clients to reach their end goal… leaving the closing table a happy client. We want to provide you with a service that we believe will increase top of mind awareness, information, engagement and elicit a positive response. Let us help you take your in-home marketing to the next level.
We provide everything needed to bring your listing alive converting it from bland and boring to a VOICE GUIDED HOME that every buyer will remember. We make the process seamless for you and your client. We do all the heavy lifting behind the scenes and you can honestly say that you are a technology trend setter with us as your partner. We provide the in-home voice activated device, an in-home activation sign, a 6” x 24” sign rider, in-home setup and behind the scenes script, programming and so much more.
So now it’s time to upgrade your listings and make them all VOICE GUIDED HOMES. Give me a call (281-467-4691) or email me Scott@ScottCulberson.com for pricing and other details.
Change is inevitable, but I think that we will all agree that the amount of change we have endured in such a small time is unbelievable. Change is here and some of that change will remain. One thing that remains unchanged is the love and devotion of your mother. From nine months in the womb, to birthday parties, graduation and numerous first she is and always be your number one fan. She is there to help you, to guide you, and grow you into the adult that you should be. I know that some of us will not get to spend time with our mother today and while that is unfortunate, we love you more now than ever mom, mother, madre. I hope all the mothers out their have a super, good, awesome MOTHER’S DAY.
Live Life to the Fullest,