What to Know if the Seller's Disclosure Needs to be Revised
When your seller client fills out the Seller’s Disclosure Notice (TAR 1406), he discloses what he knows about the property. But what happens if something about the property changes after the form is filled out?
While the Texas Property Code does not create a continuing duty or obligation to update the Seller’s Disclosure Notice, if information in the notice is no longer true, the seller may have a common-law duty to correct any misstatements or false impressions.
Whether it’s a recent storm damaging the roof or the seller learning about a previously unknown problem with the property, the additional information can be noted in the Update to Seller’s Disclosure Notice (TAR 1418). The form has space for the seller to rewrite relevant sections of the seller’s disclosure, ensuring he is providing the most current information about the property.