The Fort Worth Texas Statutory Notice to Purchasers of Real Property is a legal document that serves to inform and protect individuals who are looking to purchase real estate within the city of Fort Worth, Texas. This notice outlines specific information and disclosures that every potential buyer should be aware of before proceeding with the property transaction. The purpose of the Fort Worth Texas Statutory Notice to Purchasers of Real Property is to ensure that buyers have access to important information regarding the properties they wish to purchase, including the condition of the property, any potential hazards or environmental issues, and legal rights and obligations associated with the property. This notice typically includes relevant keywords such as: 1. Property condition: The notice emphasizes the condition of the property, disclosing any known defects, damages, or issues that may affect its value or pose risks to the purchaser. 2. Hazards and environmental concerns: It addresses potential hazards or environmental concerns associated with the property, such as flood zones, hazardous materials, or contaminated sites nearby. 3. Legal rights and obligations: The notice outlines any legal rights and obligations that the purchaser may have, including homeowners association regulations, property taxes, easements, or other encumbrances. 4. Disclosure of warranties: It may specify if any warranties are included with the property, such as appliance warranties or structural guarantees. 5. Title and lien information: The notice may also address the status of the property's title and any existing liens or encumbrances, ensuring the purchaser is aware of any potential issues related to ownership. Different types of Fort Worth Texas Statutory Notices to Purchasers of Real Property may exist based on specific circumstances or property types. For example: 1. Residential property notice: This notice is specifically tailored to residential properties, addressing issues that are commonly encountered in residential real estate transactions, such as the presence of lead-based paint in homes built prior to 1978. 2. Commercial property notice: This notice is designed to provide information relevant to commercial properties, including zoning restrictions, building code compliance, and any existing tenant leases that may affect the property. It is important for potential buyers to carefully review the specific Fort Worth Texas Statutory Notice to Purchasers of Real Property that pertains to their desired property type to ensure they have a comprehensive understanding of the property's condition, associated risks, and legal obligations.
Fort Worth Texas Statutory Notice to Purchases of Real Property
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THIS NOTICE IS A DISCLOSURE OF SELLER'S KNOWLEDGE OF THE CONDITION OF THE PROPERTY AS OF THE DATE SIGNED BY SELLER AND IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR WARRANTIES THE PURCHASER MAY WISH TO OBTAIN. IT IS NOT A WARRANTY OF ANY KIND BY SELLER OR SELLER'S AGENTS. Seller.
Sec. 5.008. SELLER'S DISCLOSURE OF PROPERTY CONDITION.
The right of redemption arises solely by statutory authority. It gives an incentive to the bidders to purchase the property at its fair market value, thus lessening the chances of the former owner's redeeming it. In Texas, the right of redemption applies only to delinquent tax sales.
In Texas, the redemption period is generally two years. This redemption period applies to residential homestead properties and land designated for agricultural use when the suit was filed. Other types of properties have a 180-day redemption period.
As set forth in Texas Property Code § 5.008, the state of Texas requires sellers to provide written notice of a property's condition to the purchaser and mandates the use of an official disclosure form developed by the Texas Real Estate Commission.
THIS NOTICE IS A DISCLOSURE OF SELLER'S KNOWLEDGE OF THE CONDITION OF THE PROPERTY AS OF THE DATE SIGNED BY SELLER AND IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR WARRANTIES THE PURCHASER MAY WISH TO OBTAIN. IT IS NOT A WARRANTY OF ANY KIND BY SELLER OR SELLER'S AGENTS.
Easement Disclosures & Title Issues The seller must disclose existing easements on the property as well as any known title defects.
5.008. SELLER'S DISCLOSURE OF PROPERTY CONDITION.