TREC Form 23-16 New Home Contract (Incomplete Construction) - Texas

What Is TREC Form 23-16?

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 TREC Form 23-16?
A: TREC Form 23-16 is the contract used for the sale of a new home that is still under construction in Texas.

Q: What does the form cover?
A: The form covers various aspects of the home purchase, including the purchase price, financing, construction timeline, and warranties.

Q: Is the form specific to Texas?
A: Yes, TREC Form 23-16 is specific to Texas and is approved by the Texas Real Estate Commission.

Q: Who uses TREC Form 23-16?
A: This form is used by buyers and builders of new homes in Texas.

Q: What information is required in the form?
A: The form requires details such as the names of the buyer and builder, description of the property, purchase price, and financing terms.

Q: What are some key provisions in the form?
A: Key provisions include the construction timeline, warranties, dispute resolution, and remedies for breach of contract.

Q: Can additional provisions be added to the form?
A: Yes, additional provisions can be added to the form to address specific needs or circumstances of the buyer and builder.

Q: Is it legally binding?
A: Yes, once the parties sign the contract, it becomes a legally binding agreement.

Q: What should I do if I have questions about the form?
A: If you have questions about TREC Form 23-16, it is advisable to consult with a real estate attorney or a licensed real estate professional for guidance.