Contract

TXR 1603 — New Home Contract (Incomplete Construction)

This contract is the TXR version of TREC 23-19, used for the purchase of a new home where construction has not yet been completed. It governs the relationship between buyer and builder/seller including construction documents, completion timelines, cost adjustments, insulation disclosures, and warran

Source: TXR
Form Number: 1603
Category: Contract
Revised: November 4, 2024

Used For

Residential Sales

Form Outline

The TXR 1603 form is organized into the following sections:

  1. Parties
    Names the buyer and seller/builder parties to the contract.
  2. Property
    Legal description and address of the property being purchased, including all improvements per the Construction Documents.
  3. Sales Price
    Specifies the total sales price and its breakdown between cash at closing and financing.
  4. Leases
    Addresses existing leases and natural resource leases affecting the property, with buyer termination rights if natural resource lease copies are not timely provided.
  5. Earnest Money and Termination Option
    Governs earnest money delivery, option fee, termination option period, and strict time-of-the-essence requirements.
  6. Title Policy and Survey
    Covers title insurance, commitment delivery, post-completion survey requirements, buyer objection rights with cure periods, and 12 statutory title notices.
  7. Property Condition
    Extensive section covering construction obligations, inspections, cost adjustments, completion deadlines, warranties, insulation disclosure, environmental matters, seller disclosures, and home warranty options.
  8. Brokers and Sales Agents
    Broker/agent self-dealing disclosure and confirmation that commission arrangements are in separate agreements.
  9. Closing
    Sets the closing date and describes each party's obligations at closing including deed delivery, payment, and lien clearance.
  10. Possession
    Governs when buyer takes possession and requires transfer of smart device access at possession delivery.
  11. Special Provisions
    Space for additional informational items only; agents cannot add substantive legal terms.
  12. Settlement and Other Expenses
    Allocates settlement expenses between seller and buyer, with termination rights if costs exceed stated amounts.
  13. Prorations and Rollback Taxes
    Prorates taxes and recurring costs through closing; assigns rollback tax responsibility to seller for pre-closing use changes.
  14. Casualty Loss
    Requires seller to restore property after casualty loss; gives buyer three options if seller cannot restore by closing.
  15. Default
    Outlines remedies for buyer and seller default, including specific performance and liquidated damages.
  16. Mediation
    Requires mediation before litigation for unresolved disputes, with shared costs.
  17. Attorney's Fees
    Prevailing party in litigation is entitled to attorney's fees and costs.
  18. Escrow
    Governs escrow agent duties, earnest money application at closing, demand/release procedures, and liability protections.
  19. Representations
    Representations survive closing; seller default if any representation is untrue at closing.
  20. Federal Requirements
    Addresses FIRPTA withholding for foreign sellers and IRS currency reporting requirements.
  21. Notices
    Establishes notice requirements and contact information for both parties and their agents.
  22. Agreement of Parties
    Integration clause establishing this as the entire agreement; checklist of all possible addenda.
  23. Consult an Attorney Before Signing
    Legal advice disclaimer, attorney information fields, and construction defect notice under Chapter 27 Texas Property Code.

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