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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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.
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.
What Does a Texas Seller's Disclosure Do? For Buyers. In the old days, buyers had no way to know if a house had problems.For Sellers.Home Items.Smoke Detectors.Structural Condition.Hazardous Conditions.Equipment and Systems Needing Repair.Flood Conditions and Assistance.
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.
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.
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.
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.
Under Texas law, a seller or seller's agent has no duty to disclose a death from natural causes, suicide, or an accident unrelated to the property's condition (Texas Property Code 5008c).
Form 78038 is a legal document that provides potential buyers with information about the condition of a residential property in Laredo before completing a real estate transaction. It helps protect buyers by disclosing any known defects or issues with the property.
The Disclosure Statement is necessary to ensure transparency between sellers and buyers. It helps buyers make informed decisions about the property by providing them with important information about its condition.
The Disclosure Statement includes details about the property's structural condition, utility systems, past repairs, presence of environmental hazards, and any other known issues. It also outlines the seller's obligations to share accurate information.
Yes, Texas law mandates that sellers must provide a completed Disclosure Statement to potential buyers. Failure to do so can lead to legal consequences.
No, sellers are legally obligated to disclose all known material defects and issues in the property. Withholding information intentionally can lead to legal disputes and financial penalties.
If a seller fails to provide or intentionally falsifies information on the Disclosure Statement, the buyer may have legal recourse. They may be able to seek compensation for damages or even rescind the sale.
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.