The end of May brings us to the close of the legislative session. As many of you know, Texas REALTORS® represent a strong voice in our state government. Not only do we fight to protect the rights of the buyers and sellers of real estate, but we look out for other aspects of our industry such as the protection of private-property owners and small businesses. Any detail that relates to real property, such as transportation, water, even gaming is on our watch list. To learn more about what being a Texas REALTOR does for you and get involved, visit this link to the Governmental Affairs page at TexasRealtors.com.
Here are a few other things I found helpful:
Texas Association of REALTORS® Form 2208, Notice Terminating Right of Occupancy has been updated. These changes (found in Paragraph A) were made in response to challenges faced by TAR members predominantly in the Dallas-Fort Worth area during the eviction process.
The form is effective May 1, 2013, and is available on the TAR blank forms page. The zipForm library has already been updated, so you can also access the updated form there.
Texas REALTORS® Tech Tips!
The Texas Association of REALTORS® offers savvy technology tips to help your business run smoothly! And now, zipForms Digital Ink e-signature solution is included in your TAR dues so you and your clients can sign important documents online with ease. Visit the Texas REALTORS® Tech Tips link to get step-by-step instructions for using Digital Ink.
Broker business entities: Don’t forget to submit proof of ownership!
From TREC March Advisor
TREC requires broker business entity applications and renewals for proof of ownership In fact, 10% ownership has been required since Sept. 1, 2011. What does this mean for you?
The information needed to complete the renewal application is listed below:
- Ownership documents verifying that the Designated Officer owns at least 10% of the business entity.
- If the designated broker does not own at least 10% of the entity, submit a Certificate of Insurance for a Broker Business Entity renewal showing E&O insurance with a minimum annual limit of $1 million per occurrence (TREC Form BE COI-1).
- If the designated broker owns 10% or more of the entity, examples of acceptable proof of ownership documents are as follows but are not limited to:
You must submit the requested documents prior to your license’s expiration date. Should the license expire, all salespersons sponsored by the broker will become inactive. You will need to pay an additional fee to renew the license up to six months after the expiration date and a fee to reinstate each sponsored salesperson once the license is renewed.
For questions about this process or any other questions contact TREC at
information@trec.texas.gov or 512-936-3000.
Is there an offer-withdrawal form?
Visit the TAR blog to find out what steps to take when your client finds a home he likes better than the one he submitted an offer on.
Here’s a quick reference reminder to read these articles in Focus:
April 11, 2013
Can emails result in a binding contract?
Find out what Texas law says about electronic records and signatures in real estate transactions in the April issue of Texas REALTOR® magazine.
April 18, 2013
Title insurance-rate increase coming May 1
The Texas Department of Insurance will raise the basic premium rate for title insurance by 3.8%. Download a PDF of the new rates.
