TREC adopts changes to IABS, Notice of Buyer’s Termination of Contract

March 01, 2025

The Texas Real Estate Commission met February 10 and adopted changes to the Information About Brokerage Services (TXR 2501, TREC IABS 1-0) form and Notice of Buyer’s Termination of Contract (TXR 1902, TREC 38-7). The mandatory effective date of the updated forms is April 1.

Summary of Changes

The updated IABS form clarifies to consumers that any brokerage fees are not set by law and are negotiable.
There is a clarifying change in Paragraph 2 of the Notice of Buyer’s Termination of Contract to ensure that the buyer has delivered the lender’s written statement to the seller in accordance with recent changes to Paragraph 2A, Buyer Approval, of the Third Party Financing Addendum.

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