Do you know about these disclosures?

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A pair of glasses and a silver pen sit on top of a contract.

02/03/2016 | Author: Editorial Staff

Texas homesellers and license holders are already required to disclose certain information when selling property. But did you know there are times when you and your clients should disclose even more?

Watch the latest Texas REALTOR® Magazine Minute for a 60-second summary about why you should you disclose your interest in a transaction beyond what Texas law requires, and why sellers who don’t have to provide a disclosure notice might still want to provide one.

Categories: Ethics, Forms, Legal
Tags: seller's disclosure notice, seller's disclosure, disclosure, trec, texas real estate commission, magazine minute, texas realtor magazine, texas realtor® magazine minute


Comments

Doris Snipp on 08/11/2016

You need to disclose your owner interest in any property in which you hold more than 10% interest from the beginning to the end of this transaction. This includes all advertising, including the MLS, any contracts, discussionswhere the property is being discussed such as open houses, phone inquiries, etc. You would also disclose the same if you were the relative of the owner. I’m sure you are aware that you E &O coverage will most likely not cover this transaction. Be sure and talk with your Broker concerning the rules and pitfalls of this type of transaction.

Jason on 08/11/2016

I am selling my own home and I understand that I must disclose in paragraph 4 that I am a licensed realtor.  My question is, do I need to disclose that prior to the contract?  I have been letting people know but I wasn’t sure if there is a formal document I need to complete.

Doris Snipp on 02/04/2016

Please remember it is the Sellers disclosure notice. A Realtor should have no part in filling out anything on the form.  When a seller ask should I include…, you answer should be for the seller to absolutely include everything he knows about the home including receipts of repairs he has done with the scope of work.  Ask the seller to review the list of items on the form throughly. Refuse to accept the form immediately but to insist he take several days to jog his memory.

Candy Cargill on 02/03/2016

The three most important words in a Texas REALTORS vocabulary…

DISCLOSE, DISCLOSE, DISCLOSE.


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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.

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