TREC CE Class - Mastering the TREC 1-4 Family Residential Contract

Mastering the TREC 1-4 Family Residential Contract 11:30 am Open Networking Lunch Provided 12:00 pm - 3:00 pm TREC CE Class About this class: This course will cover key contract sections, common pitfalls, and recent updates that impact buyers, sellers, and agents. The final segment will focus on the latest contract changes, ensuring agents stay compliant and well-informed. Attendees will leave with the confidence to accurately complete contracts, minimize risks, and navigate legal considerations effectively. INTRODUCTION & COURSE OVERVIEW · Why mastery of the 1-4 Family Residential Contract is essential · Overview of recent changes and their impact on transactions PURPOSE & FUNCTION OF THE CONTRACT · When and how the contract is used in transactions · TREC’s role and legal framework for compliance · The agent’s responsibility in contract completion CONTRACT BASICS & KEY CLAUSES · Key terms and definitions every agent should know · Common errors and misconceptions in contract completion · Understanding contingencies and their role in negotiations REVIEWING ESSENTIAL CONTRACT PROVISIONS · Property details, legal descriptions, and sales price breakdown · Financing types, addendums, and their proper usage · Title policy, survey requirements, and due diligence considerations PROPERTY CONDITION & SELLER’S DISCLOSURE · Seller disclosure requirements and agent responsibilities · Inspection periods and repair negotiations best practices · Understanding appraisal contingencies and lender requirements CLOSING & POSSESSION TERMS · Closing timelines, extensions, and possession agreements · Leasebacks and proration of property-related expenses · Key settlement costs and who pays for what LEGAL CONSIDERATIONS & RISK MANAGEMENT · Default, mediation, and contract dispute resolutions · Earnest money, option fees, and termination rights · Correct usage of special provisions (and what NOT to include) THE LATEST TREC CONTRACT CHANGES · Overview of recent TREC contract revisions · Sections updated, removed, or added · Why these changes were made and what they mean for transactions · Legal and compliance considerations for agents · Impact on Buyers & Sellers · How the changes affect financing, negotiations, and contingencies · Adjustments agents need to make when explaining contracts to clients · Best Practices for Navigating the Updates · Tips for ensuring compliance and avoiding legal pitfalls · How to correctly complete and explain the revised contract TREC CE Class: Mastering the TREC 1-4 Family Residential Contract - #51883 Impact Leadership Group TREC Education Provider #9969 Instructor: Jennifer Tucker