Exemptions from disclosure, data in the MLS
Answers to real estate questions as appearing
in the Houston Chronicle
By george stephens, CRB, AND Charles J. "Chuck" Jacobus, JD
Dear George: I heard that some property owners are exempt from providing a seller's disclosure to potential buyers. Is this true?
Answer: Yes, there are exceptions. A seller of a single residential property is not required to provide a purchaser with a disclosure notice when the transfer is:
pursuant to a court order or foreclosure sale
by a trustee in bankruptcy
to a mortgagee by a mortgagor or successor in interest, or to a beneficiary of a deed of trust by a trustor or successor in interest
by a mortgagee or a beneficiary under a deed of trust who has acquired the real property at a sale conducted pursuant to a power of sale under a deed of trust or a sale pursuant to a court ordered foreclosure or has acquired the real property by a deed in lieu of foreclosure
by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust
from one co-owner to one or more other co-owners
made to a spouse or to a person or people in the line of consanguinity of one or more of the transferors
between spouses resulting from a decree of dissolution of marriage or a decree of legal separation or from a property settlement agreement incidental to such a decree
to or from any governmental entity
of a new residence of not more than one dwelling unit which has not previously been occupied for residential purposes
of real property where the value of any dwelling does not exceed 5% of the value of the property
Dear George: Our house has been listed with a REALTOR® for 150 days, and we're just discovered that she has been displaying false information about our home. She put "has known defects" in the MLS for the duration of the listing, and there are no defects with the house. Can I terminate the agreement based on this information?
Answer: When you signed the listing agreement, did you review what the agent stated in the MLS listing about your home? If you weren't given a chance to review and authorize the information the listing agent put in the MLS, that could be cause for terminating the listing agreement. It could also be the basis for a complaint to the Texas Real Estate Commission. Talk to the broker of your agent's firm and ask him to what he will do to fix the problem.
E-mail your question to "Ask George & Chuck" or fax it to 281/596-7591. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
George Stephens, CRB, is the broker of ERA Stephens Properties. He is licensed as a mortgage broker in Texas and a real estate broker in Texas, Georgia, and Massachusetts.
Charles J. Jacobus, JD, is board certified by the Texas Board of Legal Specialization in Residential and Commercial Real Estate Law, and the author of Texas Real Estate Law and Texas Real Estate, both published by Thomson Publishing. He also teaches at Champions School of Real Estate and Houston Community College, and is an adjunct professor at the University of Houston Law Center.
George and Chuck are co-authors of Texas
Real Estate Brokerage and Law of Agency published by Thomson Publishing.
