TXR Form Changes Explainer

FORMS FOR ALL TRANSACTIONS BUYER FORMS SELLER FORMS LEASE FORMS

ALL TRANSACTIONS

NEW FORM June 2024 - Amendment to Representation Agreement (TXR 2701) [Temporary form]

PREVIEW FORM

This form is a simple change to an agreement between a client and their real estate agent. It explains that the agent's fees are not set by any group and can be negotiated. The form also changes some details about how the agent and other agents get paid.

IF UNDER CONTRACT: If you entered into a client-representation contract with a pre-June 24 version of a representation agreement, and that client has entered into a sales contract to purchase or sell a home prior to August 17, you do not need to update your representation agreement. 

IF NOT UNDER CONTRACT: However, if you entered into an agreement with a pre-June 24 version of this form, and that client has not entered into a sales contract to purchase or sell a home prior to August 17, you either need a new agreement or you can use this amendment.

⚠️ Compensation Agreement Between Brokers (TXR 2402) ⚠️

- NOT FOR USE IN EXP REALTY TRANSACTIONS!!!! EXP DOES NOT PAY OR ACCEPT BAC %

PREVIEW FORM

This form is an agreement between two real estate brokers about how they will share the money earned when a property is sold or leased. It describes the property involved, how much each broker will be paid, and when they will get paid. The agreement also explains what happens if a related person to the client buys or leases the property.

💰 Addendum Regarding Brokers’ Fees (TXR 2406) 💰

NEW FORM June 2024 - THIS IS THE CORRECT FORM TO USE TO GET PAID BY DIRECTLY BY SELLER!!!

PREVIEW FORM

This form is an addendum that explains how real estate broker fees will be paid when a property is sold. It explains who is responsible for paying these fees and gives permission for the escrow agent to handle the payments at closing. The form also makes it clear that broker fees are negotiable and not set by law.

Compensation Agreement Between Broker and Owner (TXR 2401)

PREVIEW FORM

This agreement is between a property owner and a broker, where the broker is authorized to register potential buyers or tenants for the property. It outlines the terms under which the broker will earn a fee if the property is sold or leased to a registered prospect during the agreement's term. The agreement also includes details on how the broker's fee is calculated and when it becomes payable.

General Information and Notice to Buyers and Sellers (TXR 1506)

PREVIEW FORM

This form gives important information to buyers and sellers about things to watch out for when buying or selling a property. It covers topics like property inspections, environmental issues, and legal requirements. The form also advises buyers and sellers to be aware of risks like wire fraud and the need for proper insurance.

Notice from Buyer’s Agent to Seller (TXR 1504)

PREVIEW FORM

This form is a notice from a buyer's real estate agent to the seller. It informs the seller that the agent is representing the buyer and that the seller should contact their own broker or attorney for advice. The form also explains that the buyer's agent cannot help the seller with things like evaluating offers or finding other service providers.

Referral Agreement Between Brokers (TXR 2405) 

PREVIEW FORM

This form is an agreement between two real estate brokers about sharing a referral fee when one broker refers a client to the other. It details how much and when the referring broker will be paid if the client buys, sells, or leases a property. The form also explains that the fee will be paid only if the receiving broker earns a fee from the transaction.

BUYERS

Residential Buyer/Tenant Representation Agreement – Long Form (TXR 1501)

PREVIEW FORM

The Residential Buyer/Tenant Representation Agreement provided to Texas REALTORS® defines the relationship between a broker and buyer. It covers the exclusivity of the representation, the market area in question, the term of the relationship, each party’s obligations, and information about fees, mediation, and limitations on liability. The agreement also includes a section clarifying that the client is not already represented by another broker for the same market area and whether an employer or relocation company is providing a benefit to the client. The agreement can be changed by mutual consent using Amendment to Buyer/Tenant Representation Agreement (1505) or ended by mutual consent using Termination of Buyer/Tenant Representation Agreement (1503).

A buyer representation agreement is between a buyer and broker—not between a buyer and a sales agent. If you’re a sales agent and switch brokers, the clients who’ve signed agreements with your current broker don’t transfer to your new broker unless your current broker agrees to release the buyers from their buyer representation agreements. 

NEW FORM June 2024 - Residential Buyer/Tenant Representation Agreement – Short Form (TXR 1507)

PREVIEW FORM

This form is an agreement where a person (the client) hires a real estate broker to help them buy or rent a property. It explains what the broker will do, how long the agreement lasts, and how the broker will be paid. The form also details the responsibilities of both the client and the broker during this time.

Amendment to Buyer/Tenant Representation Agreement (TXR 1505) 

PREVIEW FORM

This form is used to make changes to an existing agreement between a buyer or tenant and their real estate broker. It allows them to update details like the area they are looking in, the end date of the agreement, or the broker's fees. The form also provides options to adjust other parts of the agreement as needed.

Intermediary Relationship Notice (TXR 1409)

PREVIEW FORM

This form notifies both the seller (or landlord) and the buyer (or tenant) that the same real estate broker represents both of them. It explains that the broker will act as an intermediary, meaning they will help both sides in the deal but won’t favor one over the other. The form also gives the broker the option to assign different associates to help each party with communication and negotiations.

LISTINGS

NEW FORM June 2024 - Representation Disclosure (TXR 1417) 

- AKA THE "I REPRESENT THE OTHER PARTY AND NOT YOU" FORM

PREVIEW FORM

This form is used to let everyone involved in a property deal know who the real estate broker is representing. It explains that the broker must tell others, either by talking or in writing, who they are working for—either the buyer, seller, tenant, or landlord. The form also emphasizes that the broker's main duty is to their client, but they must still be honest and fair to everyone involved.

Residential Real Estate Listing Agreement, Exclusive Right to Sell (TXR 1101)
Residential Real Estate Listing Agreement, Exclusive Right to Lease (TXR 1102)
Farm and Ranch Real Estate Listing Agreement, Exclusive Right to Sell (TXR 1201)

PREVIEW 1101 FORM PREVIEW 1102 FORM PREVIEW 1201 FORM

This form is an agreement between a homeowner (the seller) and a real estate broker, giving the broker the exclusive right to sell the property. It outlines the responsibilities of both the seller and the broker, including how the property will be marketed, the broker's fees, and the terms under which the property will be sold. The agreement also includes important details about the property, the selling price, and any special conditions or exclusions.

Seller’s Authorization to Disclose and Advertise Certain Information (TXR 1412) [updated name]

PREVIEW FORM

This form gives the seller's permission to their real estate broker to share specific information about the property with potential buyers and other brokers. It allows the broker to disclose that the seller might help pay some of the buyer’s expenses and to advertise additional details about the property, like special terms or reasons for selling. The seller has the final say on how much they will contribute and what information the broker can share.

NEW FORM June 2024 - Named Exclusions Addendum to Listing (TXR 1402)

PREVIEW FORM

This form is an addendum to a listing agreement that allows a property owner to exclude certain named individuals from the agreement. This means the owner can sell or lease the property to these individuals without having to pay the broker's full fees. The addendum outlines specific conditions under which these exclusions apply.

Exclusive Agency Addendum to Listing (TXR 1403)

PREVIEW FORM

This form is an addendum to a listing agreement that allows the property owner to sell or lease their property to a specific buyer or tenant they find on their own without having to pay the full broker’s fees. The owner must notify the broker about these "Excluded Prospects" in writing, and the broker or any other broker should not have shown the property to these prospects beforehand. If the property is sold or leased to one of these excluded prospects, the broker's involvement ends, and they may receive a reduced fee or no fee at all.

Amendment to Listing (TXR 1404)

PREVIEW FORM

This form is used to make changes to an existing real estate listing agreement between a property owner and their broker. It allows them to update key details like the listing price, the end date of the listing, or the broker’s fee. The form ensures that the listing remains in effect, even with these amendments, unless stated otherwise.

LEASES

Don’t Overlook These Forms Changes to Leases

Of the forms revised or created to comply with new rules from the NAR compensation lawsuit settlement, several are commonly used in leasing transactions and property management. See the article on page 18 for more information about the following forms:

Revised forms

New form