Texas REALTORS® has added a Property Values section to form 1506, General Information and Notice to Buyers and Sellers. This form is intended to be presented to clients so that agents discuss the topics on the form with their buyers and sellers.
The purpose of the new section is to address the current market trend of buyers paying significantly higher than list price or appraised value as well as potential future market trends.
The revised form is available now at texasrealestate.com and through all Texas REALTORS® form-fill vendors. Here is the new language:
PROPERTY VALUES. The real estate market is cyclical and current property values may fluctuate. Brokers and agents cannot guarantee desired future market conditions or property values. The ultimate decision on the price and terms a Buyer is willing to buy and a Seller is willing to sell for a specific property rests solely with that Buyer and Seller.
If you have questions about the new language, please call the Legal Hotline at 800-873-9155.