The Texas Real Estate Commission met May 2. All meeting materials and a video replay can be found on TREC’s meeting page. Below are relevant updates.
Updates Proposed to Temporary Residential Lease
Since January 1, landlords have been required to give notice to prospective residential tenants if the landlords are aware that the rental dwelling is located in a 100-year floodplain or whether the rental dwelling has flooded at during the past five years. Temporary leases are not exempt from the requirement, so TREC proposed a new flood disclosure form and corresponding changes to the Seller’s Temporary Residential Lease (TXR 1910) and the Buyer’s Temporary Residential Lease (TXR 1911) to comply with that legislative change. TREC’s proposed change updates the temporary residential leases to state the mandated notice has been provided and provides an optional form to use. The changes will be posted for comment in the Texas Register and reviewed for adoption at TREC’s August meeting.
Texas REALTORS® created the Addendum Regarding Rental Flood Disclosure (TXR 2015) to satisfy the required disclosure, and the form has been available to all members since December. See this previous article for more information regarding the notice.
Additional Rule Changes
Several rules were updated with non-substantive changes after TREC staff continued its quadrennial rule review. Most changes were clarifications or made for consistency and will not impact license holders’ practice.
We need the legislature to correct this stupidity. Having a buyer disclose their knowledge of a property to the property seller is the height of stupidity. Also requiring a separate notice creates an addendum to the temporary residential lease, which is itself an addendum. On a buyer’s occupancy under a temporary lease, the now required seller’s disclosure is sufficient.
This must be a typo. I can’t believe what I’m reading. Charlie Still is correct, “…the height of stupidity.”
So, the new Owner is going to disclose flood info to the previous Owner? What? Are we in California?