Since January 1, landlords have been required to give notice to prospective residential tenants noting whether or not the landlords are aware that the rental dwelling is located in a 100-year floodplain or whether or not the landlords are aware the rental dwelling has flooded at during the past five years.
The new requirement applies to temporary leases used in sales transactions. During its August 8 meeting, TREC approved a new flood disclosure notice form for optional use with the temporary leases, meaning Texas REALTORS® members can use the TREC form or Texas REALTORS® Addendum Regarding Rental Flood Disclosure (TXR 2015). TREC’s corresponding changes to the Seller’s Temporary Residential Lease and the Buyer’s Temporary Residential Lease comply with the legislative change and state the mandated notice has been provided.
As soon as they are published, the new temporary lease forms will be available through Texas REALTORS® forms vendors and on TREC’s website for voluntary use until August 31 and will be mandatory beginning September 1. The flood disclosure notice will be available for voluntary use on TREC’s website.
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. This article covers more information regarding the notice.
The legislature should revist the application of this rule to temporary leases in residential sales. It’s idiotic for a buyer to be required to disclose to a seller, the buyer’s knowledge of past flooding. Likewise, it is unneccesary for a seller who has already given a written disclosure that includes flooding issues, to be required again to disclose. This was obviously not the intent of the legislation, & should be corrected.
Why do you feel that a double notice to the seller is such a burden. It doesn’t seem like that big of a deal to have a seller sign another place on a form or sign a form that includes flood info. If they have already been informed why would they or should they or you for that matter object other than saying it’s stupid or redundant. I feel being safe rather than sorry is always a wise choice. But if you have a tangible objection I would be interested in hearing what you have to offer. I know some… Read more »
If I understand this correctly the buyer (landlord) now has to disclose to the seller (tenant) information about flooding on a house that the buyer has never lived in and that the seller is already living in. How does that make sense? Or other scenario (buyer temporary lease) the seller has to fill out the flood disclosure form disclosing information to the buyer that has already been disclosed on the seller’s disclosure. Wouldn’t the seller’s disclosure already meet the notice requirement?
Great points; agreed!
im confused? the seller has lived in house and is staying in house after closed for a Temp period of time…why is there need for this?
I agree with the two comments below from Charlie Still and Jamie Quinn – common sense and other circumstance say this is not necessary. Additionally we already have so many additional addenda to add to contracts, while I don’t really want longer contracts, maybe some items can be included within the body of a particular form so we don’t end up with an addendum to something that is already an addendum…Buyer’s or Seller’s Temporary lease does not stand on its own, it accompanies some version of a purchase agreement, so technically it’s an addendum to the contract that now includes… Read more »
I’m confused, I see the terms, “Voluntary, Optional, Mandatory. Also, Paragraph 3 is confusing. Please clarify.
I think we reached the height of stupidity. I can’t wait to see if the legislature can top this one.
Im dying right now 😂
And that they will, in due time…
You haven’t seen the height of stupidity until you see some of the transgressions committed by brokers as well as their agents trying to get out of doing the what they’re supposed to do in order to make what I consider to be very big commissions on properties in the 1/2 million and up range.
Wait? What the bolognas is going on here? I am glad I am not the only one that had to scratch their head on this one. I had to re-read that it applies to temporary leases. SMH
Redundency at it’s best. Who came up with this brilliant idea?
You can beat it was generated by a lawsuits finding a broker responsible for the actions of an agents or from a complaint submitted to TREC by by a Seller or buyer or in some rarer cases by both.
“The new requirement applies to temporary leases used in sales transactions.” If the seller’s Realtor provided flood addendum on listing, that should be good enough, no? What’s up with the redundancy & making Realtors go through more needless paperwork? Um, if the buyer already knows about the flood disclosure info prior to purchase AND leasing back their now owned property, what’s the need for addendum #2, 3, 4, 5, however many the TxLeg wants to come up with. Seller provided info, buyer knew about it prior to purchase, both parties were aware & paperwork signed… bada bing, bada boom. Over.… Read more »