Texas Home Seller Disclosure Laws: What You Need To Know
As a home seller, you might not love this advice, but trust us when we say it’s the best possible advice… Always disclose any issues with your home that you know about when selling it.
And this is not just best practice advice. It is a requirement stipulated by the Texas Property Code that sellers fill out a Seller’s Disclosure form, in most instances.
The point of this form is to disclose problems with the house a person is selling so that the buyer has complete information and future buyers can access a historical record of the home’s condition and repairs.
FILLING OUT THE SELLER’S DISCLOSURE FORM
Texas Home Seller Disclosure Laws. It’s important to know how to go about getting the form to be filled out. And, it’s important to know that the form is not actually a contract. The form is not a legal document. It is simply a legal mechanism so that buyers have the facts they need to assess the value of a property and make their own decision.
The seller fills out the form at the end of the process, providing certain information about the property they are trying to sell, and identifying the matters that need to be disclosed. The seller is not legally bound to disclose anything to the buyer. They are only obliged to share this information in the seller’s best interest.
For example, it’s not appropriate for the seller to disclose, for example, “the year the home was built,” or “the type of home this property is.
Preparing a home for an inspection can often be the biggest challenge prior to selling a house. However, complying with the Texas Property Code is necessary so that the buyer has complete information and can access a historical record of the home’s condition and repairs.
WHEN IS THE SELLER’S DISCLOSURE FORM NOT REQUIRED?
Basically, the Seller’s Disclosure Form is mandated in Grand Prairie, the Metroplex and all over Texas if the home is in good repair or the sale does not involve financing. But for most home sellers, it is rarely a problem for either condition to exist.
Why should you disclose issues with your home? Aside from the fact that the seller and buyer can have the information they need to properly evaluate the home as a purchase or rental property, the seller is a public figure. It is often the seller’s reputation, more than the home’s condition, that is most scrutinized before a sale occurs.
In the case of the seller, being proactive with disclosure of the home’s issues benefits both the seller and the buyer, who knows that the home’s issues may have been addressed in the past or that it’s in good condition.
Get a Call Back From Our Team
CLOSING THOUGHTS ON HOME SELLER DISCLOSURE LAWS FOR GRAND PRAIRIE HOMEOWNERS
This article has been written to help Grand Prairie home sellers and buyers alike by helping them understand what the disclosure form they will have to fill out looks like and what they need to be upfront about when putting their homes up for sale. It is pretty much impossible to accurately determine what problems might be lurking in your home until you sell it.
So when you put your house up for sale, and the buyer comes to look, the buyer should have all the pertinent information they need to make an informed decision about the potential home.
Are you considering selling your home or are you currently a home seller? The team at Grand Prairie Home Inspection Cowboys would love the chance to help you. Contact our team today for a no-hassle consultation or to ask any questions you might have.
The Grand Prairie Home Inspection Cowboys
We have served thousands of happy customers just like you. This has gained us the reputation as the best property inspection company in Grand Prairie. We look forward to chatting to you.