Dallas FedThe Federal Reserve Bank of Dallas issued its report on the Dallas-Fort Worth economy, The Real Estate Council named its new leaders for 2019, and the Zweig Group tapped a new COO, all in this week’s roundup of real estate news.

HOME PRICES UP, HOME SALES DIP IN DFW, DALLAS FED SAYS

The Dallas-Fort Worth economy expanded at a modest pace, while jobs growth was subdued in November, the Federal Reserve Bank of Dallas reported on New Year’s Eve.

“Overall, the DFW economy remains solid, with 2 percent annualized job growth year to date (nearly 68,000 jobs),” the report said. “Home sales fell for the second straight month in November, and inventory ticked up but remains tight. House price appreciation has moderated, particularly in Dallas.” (more…)

By Lydia Blair
Special Contributor

Business conflicts always seem to revolve around money. It’s no surprise that some of the worst disputes we see at title companies are over earnest money: Who wants it. Who is entitled to it. Who thinks they’re entitled to it. Etcetera. It can get uglier than avocado appliances and shag carpet.

When a transaction fails to close, any earnest money that was deposited with the title company must be disbursed to someone. The provisions for this are in the standard contract put out by TREC – the Texas Real Estate Commission. What happens to the earnest money is spelled out clearly. Of course, that doesn’t stop people from fighting over it anyway.

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By Lydia Blair
Special Contributor

The Texas Real Estate Commission (TREC) recently updated the standard residential contracts to now address policies regarding deposits of earnest monies. These changes become mandatory May 15, 2018.

On the first page of the newly updated Texas contracts, it states that “Within 3 days after the Effective Date, Buyer must deliver $___ earnest money to ___, as escrow agent, at ____.”  Previous TREC contracts did not have a deadline for delivering earnest money except to say it was due “upon execution of this contract.” Simultaneous delivery of the contract and earnest money didn’t always happen. Now it is clear.

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The long-awaited sentencing of Eleanor Mowery Sheets has been re-set to November 5, 2010, at nine o’ clock a.m. in Judge Stickney’s courtroom. Her license is still active with TREC, using the name Eleanor Fisher Mowery. And I am told she is selling up in McKinney.

Nicky was sentenced in August.