TREC Form 20-16 One to Four Family Residential Contract (Resale) - Texas

What Is TREC Form 20-16?

This is a legal form that was released by the Texas Real Estate Commission - a government authority operating within Texas. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is the TREC Form 20-16?A: The TREC Form 20-16 is a contract used for buying or selling a one to four family residential property in Texas.

Q: Who can use the TREC Form 20-16?A: The TREC Form 20-16 can be used by buyers and sellers of one to four family residential properties in Texas.

Q: What does 'resale' mean in the TREC Form 20-16?A: Resale refers to a property that has been previously owned and is being sold again.

Q: What does 'one to four family residential' mean in the TREC Form 20-16?A: One to four family residential refers to properties that are designed for occupancy by one to four families, such as single-family homes, townhouses, and duplexes.

Q: What information does the TREC Form 20-16 include?A: The TREC Form 20-16 includes information about the buyer, seller, property details, purchase price, financing, and contingencies.

Q: Is the TREC Form 20-16 legally binding?A: Yes, once both parties sign the TREC Form 20-16, it becomes a legally binding contract.

Q: Can I make modifications to the TREC Form 20-16?A: Modifications to the TREC Form 20-16 can be made, but they must be agreed upon and documented in writing by both parties.

Q: Do I need to hire a lawyer to fill out the TREC Form 20-16?A: While it is not required, it is recommended to consult with a lawyer or a licensed real estate agent to ensure the contract is completed correctly.

Q: What happens after the TREC Form 20-16 is signed?A: After the TREC Form 20-16 is signed, both parties are bound by the terms of the contract and should proceed with the agreed-upon actions, such as property inspections and financing arrangements.