The Commercial Property Condition Statement (TXR 1408) allows sellers and landlords to document the state of the property as of the date signed. The statement serves the same purpose for commercial sales and leases as the Seller’s Disclosure Notice (TXR 1406) does for the sale of residential properties. Sellers and landlords may state if they are aware of a variety of environmental conditions and material defects. The statement, which is not required by law to complete, can describe improved or unimproved properties. Commercial Property Condition Statement is one of more than 40 commercial forms exclusively available to Texas REALTORS®.