Which Updated Forms Could Effect YOU?

To comply with NAR’s upcoming MLS rules changes, the Texas REALTORS® Legal Department and Residential Forms Task Force updated 16 forms and created three new ones. Seven of these forms could affect your property management business.

The revised forms related to property management :

• TXR 1102 Residential Real Estate Listing Agreement, Exclusive Right to Lease (TXR 1102)
• TXR 1501 Residential Buyer/Tenant Representation Agreement – Long Form (TXR 1501)
• TXR 2201 Residential Leasing and Property Management Agreement (TXR 2201)
• TXR 2401 Compensation Agreement Between Broker and Owner (updated name) (TXR 2401)
• TXR 2402 Compensation Agreement Between Brokers (updated name) (TXR 2402)
• TXR 2405 Referral Agreement Between Brokers (TXR 2405)

The newly created form related to property management:

• TXR 1507 Residential Buyer/Tenant Representation Agreement – Short Form. A one-page version of TXR 1501, this form can be used for full or showing service only representation of a buyer or tenant in residential transactions.

These new and updated forms will not be available for use until June 24, but revised forms drafts and the new form draft can be currently reviewed.

Texas REALTORS® will be offering various webinars, videos, training courses, FAQs, etc. to assist with your adjustment of these updated forms.