West DFW REI Group

The "Watering Hole" for North Texas Real Estate Investors!

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TREC 1 to 4 FAMILY CONTRACT UPDATES: OPTION MONEY

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Starting February 1, 2021, Texas Real Estate Agents have the option, but not the requirement, to use the new TREC 20-15 1-4 Family Residential Contract (Resale), which contains new provisions for the Title Insurance Agent to receipt and disburse the Option Fee.  This contract form becomes mandatory for use by all Texas Real Estate Agents after April 1, 2021.

Changes from the prior 20-14 form contained in the new 20-15 contract form include –

      Deleting paragraph 23 dealing with the Option Fee, and combining Option Fee provisions into paragraph 5 with the Earnest Money Provisions.

      Both the Option Fee and the Earnest Money are to be delivered to the Title Insurance Agent, referred to as escrow agent in the Contract form.

      The Option Fee and Earnest Money can be delivered in a single check, rather than in separate checks as required previously.

      The new Contract form now provides for a separate receipt of the Option Fee and the Earnest Money, with the receipt of the Option Fee being subtly changed from being signed by Seller’s Broker
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Benefits of Joining Your Local REIA

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Benefits of Joining Your Local REIA

REIA is an abbreviation for Real Estate Investing Association / Group.  REIA groups or clubs as some are called is an invaluable tool to meet people from all walks of life who have an interest in real estate investing and to learn all about the REI business.  Members of REIA groups are like-minded groups of men and women “where deals and funding meet”.  Companies have been formed and deals have been made as a direct result of the relationships developed and information shared at REIA group events.  I like to refer to them as your real estate investor “watering hole”.  Members attend the “Watering Hole” to learn, find deals and funding. 

Learn more about the benefits of joining your local REIA group through the Infographic below:


Education - Here's a small list of topics you may see at your local REIA:

+ Getting Started

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