Good morning, I'm Tommy Holmes. We're here today at the offices of Holmes Law to discuss matters and concerns regarding a real estate transaction. Everybody's heard of caveat emptor, which means buyer beware. But what about caviar bend it over, which is seller beware? In Texas, the seller has lots of duties to disclose things that they either know about and the buyer is concerned of or that are general concerns or problems with the condition of the property or the structures on the property. Many of these things are outlined in forms that are promulgated and found in the Texas Property Code of 5.008. These forms include information on appliances, equipment, fixtures, conditions of buildings, conditions of driveways, parking structures, and other aspects related to both commercial and residential properties. Of course, sellers of commercial properties have much more at stake because the value is likely much higher. Other things to look for are special reports that indicate any known or discoverable conditions. This might include mold, mildew, termites, rodent problems, flooding, utility easements, or title issues. Some of these can be resolved by purchasing title insurance through companies like All Republic. It's also important to pay attention to the property description and to have a survey done to ensure that there have been no changes in the area that may impact the property. Attorneys can assist in assessing the chain of title, especially in mineral transactions. Even when conducting real estate transactions with title insurance, it's important to do due diligence on the seller and the property. This includes checking for FEMA regulations on floodways and potential environmental concerns from previous operations on the property. It's also essential to search both the county where the property is located and the surrounding areas. Once the contracts for the sale are signed,...
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Tar 1406 seller's disclosure 2024-2025 Form: What You Should Know
Sellers Disclosure — TREE — TREE Online This form is similar to the Tar 1406 sellers disclosure 2 but is a bit more sophisticated. Learn more about the TREE Online Seller-Filer Disclosure form and send it or print it. Sellers Disclosure — the real estate professional The REALTOR or real estate agent/licensed broker has the responsibility of conveying a complete understanding of the property, and the seller-related risks and limitations as required in the Texas Real Estate License Act. A real estate professional (REALTOR) is obligated to notify potential buyers about the existence of: a sellers' disclosure, an appraisal summary report, an appraisal report that indicates the appraiser's estimate of the value of the property or property improvement, a seller's disclosure agreement providing details of those warranties and agreements the sellers' disclosure, and the disclosure requirements of Section 5.005 (d). A REALTOR or real estate agent/licensed broker is also required to disclose to potential buyers, prior to any agreement or offer to purchase, all warranties and agreements that the real estate professional has made to him or her. For a complete explanation and examples of how these disclosures are used and enforced, look at the Sellers Disclosure — Texas Association of REALTORS How to Buy in Austin To buy in Austin, you must be a Texas resident or pay state or local sales taxes to the County or City with which you are registering. To apply for a Texas real estate license, you must be a legal, qualified Texas real estate broker. It takes many years to become qualified as an REALTOR. Once you are qualified, you can apply for a license as a registered real estate salesperson. If you have any questions about buying in Austin, please call us at. How to Buy in McAllen To buy in McAllen, TX, you must: Have the proper Texas real estate license. Have the documents you need from the City of McAllen. Have the documents you need from the County. The City of McAllen website has more information about buying and selling in McAllen. Click here to go to How to Buy in San Antonio and the Hill Country To buy in San Antonio, TX, you must: have a Texas real estate license.
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Video instructions and help with filling out and completing Tar 1406 seller's disclosure 2024-2025
