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TREC New Home Contract (Incomplete Construction)
Get your TREC New Home Contract (Incomplete Construction) in 3 easy steps
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01 Fill and edit template
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02 Sign it online
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03 Export or print immediately
What Is a New Home Contract TREC
A New Home Contract TREC, tailored explicitly for incomplete construction, is a legal document that outlines the agreement between a buyer and a builder to purchase a new home that is yet to be completed. This contract covers various aspects such as payment terms, construction details, timelines, and responsibilities of each party. It ensures transparency and protects the interests of both the buyer and the builder, setting clear expectations for the completion of the property.
When to Use New Home Contract TREC
Utilizing the New Home Contract TREC for incomplete construction is advisable in several situations. Here are key scenarios when this contract is indispensable:
- When buying a home under construction in Texas, this contract is essential to define terms relevant to the construction stage and eventual handover.
- This contract sets the groundwork for custom building efforts, timelines, and payment plans for clients who want a home constructed to their specifications.
- This contract provides the framework for modifications if the buyer wants to make changes or select finishes as the construction progresses.
How To Fill Out New Home Contract TREC
Personal and Property Information:
Begin by filling in the buyer(s) and seller(s) 's names in the designated sections. This includes first and last names to ensure clarity in identification.
Property Address:
Provide the exact address of the purchased property, including the city, county, and zip code. Include its name if the property is part of a larger community or development.
Purchase Details:
Enter the total sales price agreed upon by both parties. This sum should include the cost of the land, the completed construction, and any agreed-upon extras or customizations.
Earnest Money:
Please detail the earnest money amount and the name and address of the title company or escrow agent where this deposit will be held.
Financing:
If obtaining a loan, specify the type (e.g., FHA, VA, conventional), the amount, interest rate (if known), and term duration. If the purchase is not contingent on financing, ensure this is stated.
Construction Details and Completion Date:
Clearly outline the home's construction specifications as agreed between buyer and seller. This can include materials, finishes, appliances, etc.
Completion Date:
Define a realistic completion date for the construction, considering any buffer for unforeseen delays. Include provisions for handling delays.
Prorations and Adjustments:
Agree upon how property taxes, homeowner association (HOA) fees, and utility costs will be prorated and adjusted as of the closing date.
Closing and Possession:
Set a date for the sale's closing. This is when the final documents are signed and ownership is transferred from the seller to the buyer.
Possession:
Stipulate when the buyer will take possession of the property, often upon completion and closing.
Signatures:
Both buyer(s) and seller(s) must sign and date the contract to indicate their understanding and agreement to the terms. Witnesses and signatures may also be required.
When to File New Home Contract TREC
Filing the New Home Contract TREC for incomplete construction should occur after both parties' thorough review and agreement, ideally before the commencement of the construction work. This timing ensures that all terms are clearly understood and agreed upon, preventing potential disputes during the construction phase. Furthermore, having a filed and signed contract reinforces the legal protections and rights of both the buyer and the builder, setting a solid foundation for the construction project's successful completion.
The New Home Contract (Incomplete Construction) is crucial in the Texas real estate landscape. It ensures clarity, compliance, and protection for buyers and builders engaged in constructing new homes. Understanding and correctly using this form is instrumental in navigating the complexities of new home purchases and construction projects.
Fillable online TREC New Home Contract (Incomplete Construction)