A seller disclosure helps protect the buyer from defects or problems with the home and surrounding property. The seller lists any known problems with the property on the disclosure form, giving the buyer advance notice of any repairs that may need to be made.
There’s no substitute for an inspection!
No matter how thorough or trustworthy the seller may be, a seller disclosure is no substitute for a thorough home inspection by a licensed and qualified professional. Most sellers simply aren’t trained to look for and identify the issues that can affect the average home. Before you buy, always get an inspection.
When will I get a disclosure from the seller?
In a Texas Real Estate Contract Sellers are required to give the buyer a sellers disclosure within 7 days after mutual acceptance.
Will I definitely get a disclosure from the seller?
Not necessarily. Under Texas state law, there are several circumstances in which a buyer will not receive a seller’s disclosure.
- A foreclosure or deed-in-lieu of foreclosure (usually applies to a bank-owned home)
- A gift or other transfer to a parent, spouse, domestic partner, or child
- A transfer between spouses or between domestic partners in connection with a divorce or ending of domestic partnership
- Certain business transfers in which the buyer already had a partial ownership of the property (usually applies to rental properties)
- Estate sales or bankruptcy sales
What information does the seller disclose?
The typical disclosure form will include information on:
- Structural, electrical, and plumbing issues
- Hazards such as lead paint, radon, asbestos, and toxic mold
- Flood danger or existing damage from floods
- Water sources, rights and contamination
- Property issues such as soil condition and contamination
- Title, property rights and ownership issues
- Age of roof, fence, heating & AC systems, etc.
A Seller should also use the disclosure as an opportunity to point out updates or improvements that may increase the value or desirability of their home.
Published on 2017-06-27 13:15:55
