Contract

TREC 24-20 — New Home Contract (Completed Construction)

This is the TREC promulgated contract for the purchase and sale of a newly constructed home where construction is already COMPLETE at the time the contract is executed. It covers all aspects of the transaction including sales price, financing, title policy, property condition with warranties, insula

Source: TREC
Form Number: 24-20
Category: Contract
Revised: May 4, 2026

Used For

Residential Sales

Form Outline

The TREC 24-20 form is organized into the following sections:

  1. Parties
    Identifies the parties to the contract — the seller (builder) and the buyer.
  2. Property
    Legally describes the property being sold including lot/block/addition or metes and bounds, plus all improvements and fixtures.
  3. Sales Price
    Establishes the total sales price and how it is structured between cash at closing and financed amounts.
  4. Leases
    Addresses any existing leases on the property including residential, fixture, and natural resource leases, and restricts seller from creating new leases after the Effective Date.
  5. Earnest Money and Termination Option
    Establishes earnest money requirements, the buyer's option period (unrestricted right to terminate), consequences of late delivery, and that time is of the essence.
  6. Title Policy and Survey
    Comprehensive title and survey provisions including who pays for the title policy, standard exceptions, commitment delivery timeline, survey options, objection/cure process, and 12 statutory title notices.
  7. Property Condition
    The core property condition section covering inspections, as-is acceptance, builder warranties, FTC insulation disclosure, lender repairs, environmental matters, seller's 8-item disclosure, and home warranty options.
  8. Brokers and Sales Agents
    Broker/agent disclosure requirements and confirmation that fees are per separate written agreements.
  9. Closing
    Establishes the closing date and what must occur at closing including deed delivery, payment, and document execution.
  10. Possession
    Governs when buyer takes possession — either at closing/funding or per a temporary lease — with insurance warnings.
  11. Special Provisions
    Space for additional factual/informational items only. Agents cannot add legal provisions — only attorneys may draft custom language.
  12. Settlement and Other Expenses
    Allocates closing costs between buyer and seller, with specific line items for each party and a provision for excess expenses.
  13. Prorations and Rollback Taxes
    Taxes and recurring expenses are prorated through the closing date. Rollback taxes from seller's use changes are the seller's responsibility.
  14. Casualty Loss
    Seller must restore property if damaged after the Effective Date. If restoration fails, buyer has three options including termination.
  15. Default
    Default remedies for both parties: specific performance, other legal relief, or termination with earnest money disposition.
  16. Mediation
    Requires mediation before litigation for any dispute, with costs shared equally.
  17. Attorney's Fees
    The prevailing party in litigation recovers attorney's fees and costs.
  18. Escrow
    Governs the escrow agent's role, liability limitations, expense handling, earnest money demand/release process, and notice requirements.
  19. Representations
    Representations survive closing. Untrue representations on closing date constitute seller default. Seller may accept back-up offers.
  20. Federal Requirements
    FIRPTA foreign seller withholding requirements and IRS currency reporting obligations.
  21. Notices
    Notice requirements and contact information for both parties, with copies to their respective agents.
  22. Agreement of Parties
    Entire agreement clause with a comprehensive checklist of all possible addenda that may be attached to the contract.
  23. Consult an Attorney Before Signing
    Advises parties to consult an attorney before signing and provides fields for attorney contact information.
  24. Execution and Effective Date
    Signature/execution section establishing the Effective Date, plus the Chapter 27 construction defect notice unique to new home contracts.
  25. Broker Information
    Contact and license information for both brokers and their associates, plus broker compensation disclosure.
  26. Receipts (Option Fee, Earnest Money, Contract, Additional Earnest Money)
    Receipt forms for the escrow agent to acknowledge receipt of the option fee, earnest money, contract, and any additional earnest money.

How RaiderX Agents Use This Form

When you upload a signed TREC 24-20 to a deal in RaiderX's Deal Manager, it reads the form's key dates and terms and automatically builds out your deadlines, contingencies, and tasks — so nothing slips through the cracks between contract and closing. Forms with a fill map also support e-signature directly inside RaiderX, so you can send this document for signature without leaving the platform.

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