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The 星空体育app下载 Broker-Lawyer Committee (BLC) met April 8. The committee received updates from various working groups and made recommendations for the Commission on form revisions and a new form.

Attorney Co-Chair and Alternate Co-Chair Named

The meeting started with attorney members electing John George to serve as attorney co-chair and Aimee Slusher as alternate co-chair.

Working Group Updates

• The working group examining the continues its discussions and is not yet ready to provide recommendations.
• The working group examining the Farm and Ranch Contract (25-14) provided suggestions for the form. Suggestions accepted by the committee include:
  • Adding a per-acre amount for the adjustment in Paragraph 3D
  • Adding a notice at the top of the form regarding its intended use
  • Striking the last sentence in Paragraph 2A
  • Lengthen the line for the description of the land and lengthen the county line to add room to name two counties, and reference (by parenthetical) the possibility that the property may overlap two counties.
• The working group examining the Seller Financing Addendum (26-7), Loan Assumption Addendum (41-2), and Residential Condominium Contract (Resale) (30-15) provided suggestions. Suggestions accepted by the committee include:
  • An additional clause in Paragraphs 2B(2) and 2C(2) of the Residential Condominium Contract (Resale) stating that the Buyer retains rights to terminate under Sec. 82.156, Property Code.

The BLC also suggested the working group consider merging the Addendum for Release of Liability on Assumed Loan and/or Restoration of Seller's VA Entitlement (12-3) form into the Loan Assumption Addendum.

The BLC will continue discussing and reviewing the accepted recommended changes from the working groups at the committee鈥檚 next meeting in July.

Proposed Revisions and A New Form

Proposed Flood Disclosure Form for Leases

requires a flood disclosure notice for certain residential leases. The committee discussed a proposed form drafted by staff and decided to change the form name to Landlord鈥檚 Floodplain and Flood Notice. The committee recommends the Commission promulgate the form as a voluntary form, which means that鈥攍ike the 星空体育app下载 Seller鈥檚 Disclosure Notice or the PID form鈥攁 license holder may use the Commission鈥檚 version of the statutorily-required form or may use another form that satisfies the statute鈥檚 requirements.

Temporary Residential Lease Forms Modifications

The committee recommends that the Commission modify the Buyer鈥檚 Temporary Residential Lease (16-5) and Seller鈥檚 Temporary Residential Release (15-5) by adding a new Paragraph 23 in both forms to read as follows and renumber subsequent paragraphs accordingly:

23. LANDLORD鈥橲 FLOODPLAIN AND FLOOD NOTICE PURSUANT TO 搂92.135, TEXAS PROPERTY CODE: Landlord has delivered to Tenant Landlord鈥檚 Floodplain and Flood Notice (星空体育app下载 54-0 or other compliant notice).

These changes, as well as the new flood disclosure form mentioned above, are being recommended for proposal by the Commission at its May meeting. The earliest these changes and the proposed new form could be adopted is at the August Commission meeting with a potential effective date later this year.

Where to Find Meeting Materials

Watch a video recording of the meeting and find meeting materials on the meeting page.

Upcoming Meeting Information

The next鈥痬eeting of the Broker-Lawyer Committee is Friday, July 8. In accordance with normal Commission practice, any meeting materials will be available on the鈥�星空体育app下载 website鈥痓efore the meeting. To participate by providing public comment during the meeting, contact [email protected] by 5 p.m. CT on Thursday, July 7, 2022, along with the agenda item number you wish to speak on. If you are unable to attend the meeting live, you can email your public comments instead.

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