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A Seller's Disclosure is an important document for a home seller to share knowledge about the condition of the subject property. This is required by the Texas Property Code Section 5.008. Whether or  not the Seller is rTexas Seller's Disclosureepresented by a Real Estate agent, a Seller is required to share this knowledge with its buyer(s). If some of the property conditions are unknown to the Seller, the Seller should acknowledge in the disclosure. This notice is completed in its entirety to the best of the Seller's knowledge about the property.

A Seller or Seller's agent have no obligation to release information about death that occurred on the property due to natural causes, suicide, or accident unrelated to the property condition or whether previous occupant had, may have or has AIDS, HIV related illnesses or HIV infection.

This Seller's Disclosure Notice is EXEMPTED if the Seller(s) fall into one of the following categories:

  1. pursuant to a court order or foreclosure;
  2. by a trustee in bankruptcy;
  3. to a mortgagee by a mortgagor or successor in interest, or to a beneficiary to a deed of trust by a trustor or successor in interest;
  4. by a mortgagee or 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 of has acquired the real property by a deed in lieu of foreclosure;
  5. by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust;
  6. from one co-owner to one or more other co-owners;
  7. made to a spouse or to a person or persons in the lineal line of consanguinity of oen or more of the transferors;
  8. between spouses resulting from a divorce or a decree of legal separation or from a property settlement agreement incidental to such a decree;
  9. to or from any governmental entity;
  10. of new residences of not more than one dwelling unit which have not previously been occupied for residential purposes; or
  11. of real property where the value of any dwelling does not exceed five percent (5%) of the value of the property.

The Texas Property Code Section 5.008 is to protect the Buyer(s) against undisclosed defects known to the Seller at the time of sale. Buyer(s) have known to sue Seller(s) for undisclosed property conditions. Hence, it is important for Sellers to fill out the Seller's Disclosure notice correctly.

Most For Sale By Owners do not know this about the Seller's Disclosure notice and it does not mean they are no responsible for not having one filled out to share with buyers or prospective buyers.

 

 

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Loreena Yeo - Realtor(R) in Frisco TX | Broker
M.Sc, B.Sc
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Loreena Yeo is the broker of record of
3:16 team REALTY to practice real estate in Frisco & surrounding cities (State of Texas). Texas Real Estate Broker License Number #9001154.

CLIENT TESTIMONIALS

Read about what our satisfied clients have to say:

When she arrived for our appointment, we went through the normal preliminary procedures and all was fine. Then she surprised us. She had already done most of the work and only needed to take a few pictures of the inside and determine the price that we would be comfortable asking. She also spent a great deal of time explaining to us how the whole sales process work and what we could expect.

Eric & Tomoko Quere, Plano TX

 

Ultimately, Loreena introduced us to the house we bought--it was not one we found from our own hours of searching web listings--based on the the comments we had made while we visited these different homes. This is a testimony to her ability to listen well and to work proactively on our behalf.

Jenn & Glen Miller, Denton TX

We were completely impressed with Loreena. She helped us find and buy a home in Frisco. We have very high expectations from a realtor and she surpassed them. Knows her market extremely well, not just the technical market pricing data, but the nuances of all the neighborhoods as well. One of the most responsive and professional persons I've met in my entire business career.

Ruth & Jerry Meek, Frisco TX

I just want to thank you again for your help in selling our house. In this tough economy and market, I really didn't expect to get an offer. But you counseled me so well in pricing the house to sell and yet not letting me accept an offer that was too low. I believe we got the best deal we could have. I was so pleased and surprised with what we walked away with.

Sally & Phillip Barnard, Frisco TX

 


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