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08/18/2015 | Author: Editorial Staff

At its recent meeting, the Texas Real Estate Commission took two actions to address legislative requirements that will go into effect September 1.

The commission adopted a revision on an emergency basis to the Condominium Resale Certificate. As required by Senate Bill 1168, the balance sheet of the condominium owners association must be attached to the certificate. The updated certificate now states that the balance sheet is one of the three required attachments. In addition, the resale certificate must also provide more details on fees associated with transfer of ownership. This revised form is mandatory for use starting September 1, 2015. (See a redline version of changes to this form.)

Another law that becomes effective September 1 requires that all property owners—including commercial—selling real estate adjoining certain bodies of water, like reservoirs or lakes, with 5,000 acre-feet or more water-storage capacity disclose to buyers that the amount of water in the lake or reservoir could fluctuate. TREC has posted language on its website that satisfies the disclosure requirement, and license holders can add that language in the Special Provisions Paragraph of any contract when a seller is required to make the disclosure.

Additional TREC forms changes discussed at the meeting are in the proposal stage and will be open for comment soon. You can read a summary of those proposed changes in the latest Texas REALTOR® magazine.  

Categories: Forms, Legal
Tags: legal, forms, contracts

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Legal disclaimer

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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