The revised version of the Seller’s Disclosure Notice (TXR 1406) includes new questions about flooding, such as whether the seller’s property is wholly or partly located in a 500-year floodplain and whether the seller has ever filed a claim for flood damage.
You can view a redline version of the Seller’s Disclosure Notice, showing the changes and additions to the form. Use of the new notice is mandatory for transactions where the sales contract is executed on or after Sept. 1, 2019. It may be used on a voluntary basis before that date.
Sellers—not their agent—must complete the notice to the best of their belief and knowledge, but they are not required do additional research for the purpose of completing the Seller’s Disclosure Notice. If sellers ask questions about how to complete the updated Seller’s Disclosure Notice, you should encourage them to consult an attorney.
An agent’s duties related to disclosure have not changed. Agents have a duty to disclose material facts they know about the property, but they are not required to do additional research for the purpose of making disclosures on properties they represent.