This form is a Seller's Disclosure Statement for use in a residential sales transaction in Texas. This disclosure statement concerns the condition of property and is completed by the Seller.
This form is a Seller's Disclosure Statement for use in a residential sales transaction in Texas. This disclosure statement concerns the condition of property and is completed by the Seller.
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There is no obligation for the seller to disclose if the house is transferred or sold: By court order or foreclosure sale. To or from any governmental entity. As a new residence of not more than one dwelling unit which has not previously been occupied for residential purposes.
As part of the required disclosures under Texas Rules of Civil Procedure 194.2, you need to give the other party or parties the correct names and addresses of parties to the lawsuit?your name and contact information, including your mailing address and phone number, and contact information for anyone else involved.
The seller's failure to provide the required disclosures entitles you to make claims for monetary damages for undisclosed defects under either the Texas Deceptive Trade - Consumer Protection Act or the Statutory Fraud Act.
Disclosure Laws in Texas for Home Sales It says that sellers of single-unit residential real property must give purchasers a written notice containing their knowledge of the condition of the property, and sets forth language that should be on that form, focusing on material defects.
Is a Seller's Disclosure Required in Texas? Yes. Section 5.008 of the Texas Property Code requires anyone selling a single family home to fill out a seller's disclosure. It even has a script you can use to write your disclosure?so you know you've met all the requirements.
Exempt Sellers include: (d) Sales or transfers by a fiduciary in the course of the administration of a trust, guardianship, conservatorship, or decedent's estate.
The Texas Property Code requires that most home sellers fill out a Seller's Disclosure form. The purpose of the form is to disclose any issues with the house you are selling that you are aware of and give the potential buyers information and a historical account of your home.
Texas is a non-disclosure state because no law exists that requires disclosure as is the case in other states. Zillow and a lot of other sites attempt to provide you a ?value.? The fact of the matter is that none of them have access to sold data.
Seller's disclosure requirements do not apply to foreclosure sales, or to the subsequent sale by a foreclosing lender (Texas Property Code Section 5.008). Foreclosure sales are also exempt from the federal lead-based-paint disclosure requirements.
Texas - Property Disclosure
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§ 5.008. Seller's Disclosure of Property Condition
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(a) A seller of residential real property comprising not more than one
dwelling unit located in this state shall give to the purchaser of the
property a written notice as prescribed by this section or a written notice
substantially similar to the notice prescribed by this section which contains,
at a minimum, all of the items in the notice prescribed by this section.
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(b) The notice must be executed and must, at a minimum, read substantially
similar to the following:
[See USLF Form TX-37014]
(c) A seller or seller's agent shall have no duty to make a disclosure
or release information related to whether a death by natural causes, suicide,
or accident unrelated to the condition of the property occurred on the
property or whether a previous occupant had, may have had, has, or may
have AIDS, HIV related illnesses, or HIV infection.
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(d) The notice shall be completed to the best of seller's belief and
knowledge as of the date the notice is completed and signed by the seller.
If the information required by the notice is unknown to the seller, the
seller shall indicate that fact on the notice, and by that act is in compliance
with this section.
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(e) This section does not apply to a transfer:
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(1) pursuant to a court order or foreclosure sale;
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(2) by a trustee in bankruptcy;
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(3) to a mortgage by a mortgagor or successor in interest, or to a beneficiary
of a deed of trust by a trustor or successor in interest;
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(4) by a mortgagee or a beneficiary under a deed of trust who has acquired
the real property at a sale conducted pursuant to a power of sale under
a deed of trust or a sale pursuant to a court ordered foreclosure or has
acquired the real property by a deed in lieu of foreclosure;
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(5) by a fiduciary in the course of the administration of a decedent's
estate, guardianship, conservatorship, or trust;
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(6) from one co-owner to one or more other co-owners;
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(7) made to a spouse or to a person or persons in the lineal line of
consanguinity of one or more of the transferors;
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(8) between spouses resulting from a decree of dissolution of marriage
or a decree of legal separation or from a property settlement agreement
incidental to such a decree;
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(9) to or from any governmental entity;
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(10) transfers of new residences of not more than one dwelling unit
which have not previously been occupied for residential purposes; or
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(11) transfers of real property where the value of any dwelling does
not exceed five percent (5%) of the value of the property.
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(f) The notice shall be delivered by the seller to the purchaser on
or before the effective date of an executory contract binding the purchaser
to purchase the property. If a contract is entered without the seller providing
the notice required by this section, the purchaser may terminate the contract
for any reason within seven days after receiving the notice.
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Added by Acts 1993, 73rd Leg., ch. 356, § 1, eff. Jan. 1, 1994.
Texas - Property Disclosure
ÂÂ
§ 5.008. Seller's Disclosure of Property Condition
ÂÂ
(a) A seller of residential real property comprising not more than one
dwelling unit located in this state shall give to the purchaser of the
property a written notice as prescribed by this section or a written notice
substantially similar to the notice prescribed by this section which contains,
at a minimum, all of the items in the notice prescribed by this section.
ÂÂ
(b) The notice must be executed and must, at a minimum, read substantially
similar to the following:
[See USLF Form TX-37014]
(c) A seller or seller's agent shall have no duty to make a disclosure
or release information related to whether a death by natural causes, suicide,
or accident unrelated to the condition of the property occurred on the
property or whether a previous occupant had, may have had, has, or may
have AIDS, HIV related illnesses, or HIV infection.
ÂÂ
(d) The notice shall be completed to the best of seller's belief and
knowledge as of the date the notice is completed and signed by the seller.
If the information required by the notice is unknown to the seller, the
seller shall indicate that fact on the notice, and by that act is in compliance
with this section.
ÂÂ
(e) This section does not apply to a transfer:
ÂÂ
(1) pursuant to a court order or foreclosure sale;
ÂÂ
(2) by a trustee in bankruptcy;
ÂÂ
(3) to a mortgage by a mortgagor or successor in interest, or to a beneficiary
of a deed of trust by a trustor or successor in interest;
ÂÂ
(4) by a mortgagee or a beneficiary under a deed of trust who has acquired
the real property at a sale conducted pursuant to a power of sale under
a deed of trust or a sale pursuant to a court ordered foreclosure or has
acquired the real property by a deed in lieu of foreclosure;
ÂÂ
(5) by a fiduciary in the course of the administration of a decedent's
estate, guardianship, conservatorship, or trust;
ÂÂ
(6) from one co-owner to one or more other co-owners;
ÂÂ
(7) made to a spouse or to a person or persons in the lineal line of
consanguinity of one or more of the transferors;
ÂÂ
(8) between spouses resulting from a decree of dissolution of marriage
or a decree of legal separation or from a property settlement agreement
incidental to such a decree;
ÂÂ
(9) to or from any governmental entity;
ÂÂ
(10) transfers of new residences of not more than one dwelling unit
which have not previously been occupied for residential purposes; or
ÂÂ
(11) transfers of real property where the value of any dwelling does
not exceed five percent (5%) of the value of the property.
ÂÂ
(f) The notice shall be delivered by the seller to the purchaser on
or before the effective date of an executory contract binding the purchaser
to purchase the property. If a contract is entered without the seller providing
the notice required by this section, the purchaser may terminate the contract
for any reason within seven days after receiving the notice.
ÂÂ
Added by Acts 1993, 73rd Leg., ch. 356, § 1, eff. Jan. 1, 1994.