To calculate the dates for most periods of performance in the One to Four Family Residential Contract (Resale), you start counting at the effective date. But what’s the effective date? The August Texas REALTOR® Magazine Minute covers how to determine the effective date and calculate other dates in the contract.
You can also find explanations of more common issues with the One to Four Family Residential Contract (Resale) in the August cover story of Texas REALTOR®.
It is hard to believe that TAR is putting out a Question, and then saying if you want to see the Answer, go read the Texas Realtor Magazine! Come on. How about an opinion from a TAR Attorney…?? The real problem in the real world was not even addressed herein. Many seller’s agents think they have the right to put the “Effective Date” on a contract just because the seller signed it. Let’s make it perfectly clear that the date does not become “effective” until the seller’s action has been transmitted to the buyer. What’s happening is the seller and… Read more »
Hi Rick, Thanks for taking the time to comment. The article we link to in the August issue of Texas REALTOR® magazine is written by one of our TAR staff attorneys. Editors always have TAR staff attorneys (often more than one attorney) review each legal-related article before we publish them in our magazine, blog, and e-newsletters. If you’d like to speak directly with one of our TAR attorneys for more legal information, I encourage you to call our Legal Hotline–a free benefit for all Texas REALTORS®–at 800-873-9155. And if you have more feedback about TAR communications, please feel free to… Read more »
EXCELLENT point, Rick! My thoughts exactly. It is very frustrating and quite unfair to be “told” via text late on a Saturday that the seller has accepted the buyer’s offer but not actually SEE that signed contract until Sunday or Monday but the listing agent has entered an executed date of Saturday. Or worse not entered a date at all and then instructs you to date [essentially backdate] the contract to Saturday when they sent the text. By this method the buyer has lost as much as 3 days of a 5 or 7 day option period. Those are CRITICAL… Read more »
It would be nice to know how many Realtors are actually getting to read the comments that are posted on these blogs that TAR puts out every week. ~Surely it could be used as a better educational tool if more people were reading the remarks. ~Especially on a topic such as this one, where no useful information was posted by the TAR staff. Are the only people who see these comments the ones who click on “Comment on this post…”…? What if a person doesn’t feel like “commenting”, but they could benefit from reading the comments of other agents…? ~Perhaps… Read more »