Financial Advisers of America LLC

The new Trec Contract requires Earnest Money and Option Fee to be payable and delivered to the Escrow Agent. Delivery can be either via check, wire or third party apps. Make sure checks are made payable to Financial Advisers of America LLC If the Option Fee is made payable to the Seller, Escrow Agent will be unable to accept, endorse or otherwise deposit. If the Option Fee delivered to Escrow Agent is payable to the Seller, the Buyer may inadvertently waive their option period if delivery is deemed not timely.

The new TREC Addendum for Property Subject to Mandatory Membership in a Property Owners Association combines two paragraphs in the previous version which can potentially cost the Seller more money at closing.

There are some significant changes to the TREC One-To-Four Family Residential Contract (“Contract”) worth highlighting. These include changes to earnest money and option fee, residential and fixture leases, controls and smart devices, full disclosure of broker/agent, and addendums.