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 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.
Do we have an estimated date at which time this will be updated on Zip Forms?
zipForm said by the end of the week, maybe sooner.
The signature line now only says seller instead of seller/buyer
Are you looking at the version with the revision date of April 26, 2021? The PDF that is posted on the website says on Page 5 “Buyer/Seller” under both signature lines.
@Texas REALTOR Staff,
I am looking at it right now (4/30/2021, 7:21 am) and on the left side it has:
Brokers Printed Name
By: Broker Associate
Then on the right side is has:
There are two different General Information and Notice to Buyer/Seller forms in Zipforms: One for the Buyer and one for the Seller. Depending on which one you choose, the “Buyer” or “Seller” name form-fills automatically.
In my humble opinion, the statement is slightly misleading, “…current property values may fluctuate.” This could lead a buyer or seller to believe that current property values “may not” fluctuate. It would be much more forthright to change this part of the statement to, “current property values WILL fluctuate”.
Let’s not sugarcoat the truth people!
“May” is the safe word.
With the new language to form 1506, do we use special provisions to let seller know buyer will pay above a low appraisal?
I would assume by dropping the Appraisal Addendum, the Seller’s Agent would understand and relay the information to the Seller.
I agree with Sandra Perry…… remember best not to use special provisions for anything for which there is already a form.
and how does this revision help us?