Committee debates adding a standardized notice for backup‑contract terminations; decision deferred
Members discussed adding a TREC‑promulgated notice to record the amended effective date when a first contract terminates and whether to include an additional-earnest/option fee receipt on the contract or backup addendum. The committee asked staff and a small drafting group to return with language and education materials rather than adopting a mandatory new form now.
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The committee considered a request to add a standardized notice for the backup addendum to memorialize the amended effective date when the first contract terminates and to create receipts for additional earnest money and option fees. Proponents, including Diane McCoy and committee staff, argued a TREC form would reduce disputes; other members cautioned that a mandatory TREC form could be interpreted as replacing legal notice rules or inadvertently changing contract-law outcomes.
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