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This form is primarily required to be filled out by sellers of residential properties in Texas, specifically those selling homes with one dwelling unit. It serves as a legal requirement under Section 5.008 of the Texas Property Code, mandating sellers to disclose known issues or defects related to the property. Real estate agents and brokers also utilize this form to facilitate smoother transactions and protect their clients from potential legal disputes arising from undisclosed property conditions.
Sellers must provide the completed Sellers Disclosure Notice to prospective buyers on or before the effective date of a sales contract. If this notice is not provided prior to contract signing, buyers have the right to terminate the contract within seven days after receiving it. The seller should ensure that all information is accurate and complete to the best of their knowledge, as any omissions can lead to legal repercussions.
To submit the Sellers Disclosure form, follow these steps: First, obtain a copy of the template from DocHub's library or your real estate agent. Next, fill out all required sections accurately based on your knowledge of the property's condition. Once completed, you can either send it electronically via email or print it out for physical delivery to your buyer or their agent.
It is essential for sellers to understand that this disclosure does not replace professional inspections; rather, it complements them by providing initial insights into potential issues. Additionally, if any information is unknown to the seller, they are permitted to indicate this on the form without penalty. This flexibility helps maintain compliance with state laws while protecting both parties involved in a transaction.
