TREC Residential Condominium Contract (Resale)

What Is a Trec Residential Condominium Contract Resale

The TREC Residential Condominium Contract (Resale), also called form 30-13, is a document widely used by real estate professionals in Texas. It’s put forward by the Texas Real Estate Commission (TREC). This document specifically governs buying or selling a previously owned condominium unit. Essentially, it's a purchase agreement that details the terms and conditions of a transaction between a buyer and seller, specifically tailored to the buying and selling of condominium units.

When to Use the Trec Residential Condominium Contract Resale

• Selling a previously owned condo: You should use the TREC Residential Condominium Contract (Resale) when you own a condo and want to sell it. The form clearly defines the terms and conditions of the sale, reducing potential confusion and disputes.

• Buying a resale condo: As a buyer of a resale condo, you would also need this document to ensure that the purchase terms are clearly laid out and legally binding.

• Real estate transactions in Texas: TREC forms are specific to Texas real estate transactions. So, if you're involved in a condo transaction in Texas, this would be the form to use.

The TREC Residential Condominium Contract (Resale) is a standardized contract that simplifies condo buying and selling. It ensures both parties know their obligations and what is being bought or sold.

How To Fill Out a Trec Residential Condominium Contract

Filling out a TREC Residential Condominium Contract (Resale) requires attention to detail. Each step helps to protect both buyer and seller during the transaction. Here is a step-by-step guide:

• Parties to the contract: This section identifies the seller and buyer involved in the transaction.

• Property description: The address of the condo unit should be written out along with legal details about the property.

• Purchase price: The total selling price must be clearly defined here.

• Settlement and other expenses: This outlines the expenses to be borne by both parties.

• Deposit: Details about the earnest money deposit are included in this section.

• Title Policy: This defines who will pay for the title policy.

• Property condition: Here, details of the condo's condition are listed.

• Final walk-through: This section discusses the buyer's rights to inspect the property before closing.

• The closing: This outlines details of the closing process and timeframe.

Each part of this contract speaks to a specific stage of the transaction.

When to File a Trec Residential Condominium Contract

The TREC Residential Condominium Contract (Resale) should be filed as soon as all parties have agreed on the conditions of the sale and the contract has been signed. A closing attorney or a title company often files contracts. The filing typically occurs in the county where the property exists. This process makes the contract legally binding and records the transaction in public records.

In conclusion, the TREC Residential Condominium Contract Resale is an important legal document in any condominium reselling process in Texas. Its use ensures a streamlined and legally compliant transaction process and protects the interests of both buyer and seller. Always ensure you understand each section of this contract before signing.