New Home Contract (Incomplete Construction) {23-19}

TREC NO. 23-19 - NEW HOME CONTRACT (Incomplete Construction). This form promulgated by the Texas Real Estate Commission (TREC) is a standardized legal document used for the purchase and sale of a new residential property in Texas that is not yet fully constructed at the time the contract is executed. This form is specifically designed for single-family homes and is not intended for use in condominium transactions or for closings that take place before construction is complete. It outlines the legal agreement between the buyer and seller, detailing the terms under which the property will be built, sold, and conveyed. The contract includes provisions for the identification of the property, sales price and financing arrangements, earnest money and option fees, construction timelines, buyer selections and allowances, inspections, title and survey requirements, and statutory disclosures required under Texas law. It also addresses obligations for the completion of the home in accordance with agreed-upon construction documents and provides mechanisms for the buyer to object to title issues or terminate the agreement under specific conditions. www.FormsWorkflow.com