Selling property near water? You might need to put this in the contract
08/28/2015 | Author: Ward Lowe
A law that goes into effect September 1 requires a change if you’re selling residential or commercial property that adjoins certain bodies of water. Here’s a list of the lakes and reservoirs included in the law.
The law requires that the seller notifies the buyer that the amount of water in the lake or reservoir could fluctuate. The required language, which could be inserted into your contract, is listed on the Texas Real Estate Commission’s website.
A Texas REALTOR® can help you determine if this law applies to your property and how to correctly provide the new disclosure.
Advice for Consumers
The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.
While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.