Contract

TXR 1604 — New Home Contract (Completed Construction)

This contract is the TXR version of TREC 24-19, used for the purchase of a newly constructed home where construction is already complete. Unlike TXR 1603 (incomplete construction), this form does not include Construction Documents, completion timelines, or cost adjustment provisions, since the home

Source: TXR
Form Number: 1604
Category: Contract
Revised: November 4, 2024

Used For

Residential Sales

Form Outline

The TXR 1604 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 completed new home being purchased.
  3. Sales Price
    Specifies the total sales price and its breakdown between cash at closing and financing.
  4. Leases
    Addresses existing leases including residential, fixture, and natural resource leases with disclosure and termination provisions.
  5. Earnest Money and Termination Option
    Governs earnest money, option fee, termination option period, and strict time requirements.
  6. Title Policy and Survey
    Covers title insurance, commitment delivery, survey options, buyer objection rights, and statutory title notices.
  7. Property Condition
    Covers inspections, As Is acceptance options, builder warranties, insulation disclosure, lender repair provisions, seller disclosures, and home warranty options.
  8. Brokers and Sales Agents
    Broker/agent disclosure requirements and fee arrangement confirmation.
  9. Closing
    Sets closing date and describes closing obligations for both parties.
  10. Possession
    Governs possession delivery timing and smart device access transfer.
  11. Special Provisions
    Space for factual disclosures and instructions only.
  12. Settlement and Other Expenses
    Allocates settlement expenses with termination rights if costs exceed caps.
  13. Prorations and Rollback Taxes
    Prorates taxes and costs through closing; rollback taxes assigned to seller.
  14. Casualty Loss
    Seller must restore after casualty; buyer has three options if seller cannot restore by closing.
  15. Default
    Standard default remedies including specific performance and liquidated damages.
  16. Mediation
    Mandatory mediation before litigation with shared costs.
  17. Attorney's Fees
    Fee-shifting provision for the prevailing party.
  18. Escrow
    Escrow agent protections, earnest money procedures, and release requirements.
  19. Representations
    Representations survive closing; seller default if untrue at closing.
  20. Federal Requirements
    FIRPTA and IRS currency reporting requirements.
  21. Notices
    Notice requirements and contact information for both parties.
  22. Agreement of Parties
    Integration clause with comprehensive addenda checklist.
  23. Consult an Attorney Before Signing
    Legal disclaimer, attorney contacts, and Chapter 27 construction defect notice.

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