TREC, the Texas Real Estate Commission, has stuck it to the Consumer again! This time, they have changed the Earnest Money Contract that nearly EVERY home buyer in Texas uses or will use so that Realtors can now countersue for their attorneys fees when they are sued by home buyers.
So why is it such a big deal? Well, back in the 1990s, the Earnest Money Contract used to allow realtors and others to claim attorneys' fees. Then, TREC changed it and took out the realtors and now, they have put them back in again. Why would they do that? Because attorneys for realtors and the realtors themselves wanted it.
If the Real Estate company has the right to countersue, that is intimidating to the Consumer Home Buyer. Of course, the Earnest Money Contract should only apply to disputes involving the actual terms of the Earnest Money Contract and of course, Texas judges should be able to make that distinction. But they can't and they don't. So the Consumer, you the Texas Home Buyer, is at risk.
What can you do? Write the Texas Real Estate Commission and let them know you are appalled and that Texas Consumers must have better justice.