If you are purchasing a home using a loan, the bank will require an appraisal. The appraiser visits the home, looks at comparable recent sales, and determines a value for the
THE SELLER’S DISCLOSURE FORM- ALMOST ALWAYS NECESSARY IN TEXAS HOME SALES
- a seller of residential property consisting of more than one dwelling unit
- new construction homes or builder exemption
- trustee in a bankruptcy case
- executor of a will selling the property
- relocation company (when the relocation company is NOT the seller
- a sale to or from a government entity
- sale from one co-owner to one or more other co-owners
- sale made to a spouse or to a person or persons in the lineal line of consanguinity of one or more of the transfers
- sales between spouses resulting from a decree of dissolution of marriage or a decree of legal separation or from a property settlement agreement to such a decree
- sale of real property where the value of any dwelling does not exceed five (5%) percent of the value of the property
While a seller’s disclosure is not required in these cases, you may still want to provide a seller’s disclosure if you have knowledge of the property. One of, if not the most, common reason for lawsuits in real estate is from failing to disclose known information about the property condition. So, if you own a fourplex, and you previously were the landlord for the property. You likely know about some aspects of the property’s condition. I’d recommend completing a seller’s disclosure form even though you are not required to per the Texas Property Code.
The seller’s disclosure form I recommend my clients use is the Texas Association of REALTORS® Seller’s Disclosure Notice (TAR-1406). This form is composed of eleven sections. The first section simply lists which features a property has.
The last page of the seller’s disclosure notice should not be ignored. It discusses additional notices to buyers and the utility providers for the property. Filling out the utility provider fields will make it much easier for the buyer to transfer utilities when the property is sold.
Erika Rae Albert is an Austin native who has built her business around one guiding principle, YOU always come first. Prior to joining the real estate industry, she honed her her customer service s....
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