DO I HAVE TO PROVIDE A SELLERS DISCLOSURE NOTICE

Dated: 09/08/2015

Views: 1040

09/08/2015 | Author: Editorial Staff | Source: TAR WEBSITE

I'm selling a single-family investment property that I haven't seen in years. I have no knowledge of the property’s condition. Do I have to fill out a seller's disclosure?

Yes. The Texas Property Code requires a seller of residential real property comprising not more than one dwelling unit to provide a seller’s disclosure notice to the buyer. Although the Property Code does provide certain exceptions to this requirement, a seller never seeing or living in the property is not one of them. After all, knowledge of the property can come from sources other than a visual examination, such as complaints from tenants or reports from property managers. If a seller is unaware of any particular condition of the property, the seller can indicate that on the notice.

Failing to provide a completed seller’s disclosure notice to a buyer may entitle the buyer to certain remedies, like terminating the contract.

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Chip Franks

The Supreme Commander of The Real Estate MarketPlace and A Good Guy, In General! Ron "Chip" Franks was born in 1972 in the thriving metropolis of Killeen, Texas and makes his profession there as on....

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