Texas to provide information required by an appraiser in order to conduct an appraisal of the property prior to purchase. The Seller provides this completed form to the Buyer, who furnishes it to the appraiser. This form is designed to make the transaction flow more efficiently.
Waco Texas Seller's Information for Appraiser provided to Buyer
Category:
State:
Texas
City:
Waco
Control #:
TX-00472-2
Format:
Word;
Rich Text
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Description
This Seller's Information for Appraiser provided to Buyer form is used by the Buyer in
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FAQ
The Confidentiality Section of the Ethics Rule of USPAP and the Appraisal Institute Code of Professional Ethics provide that an appraiser must not disclose confidential information or assignment results to anyone other than the client and persons specifically authorized by the client; state enforcement agencies and
Seller's disclosure requirements do not apply to foreclosure sales, or to the subsequent sale by a foreclosing lender (Texas Property Code Section 5.008). Foreclosure sales are also exempt from the federal lead-based-paint disclosure requirements.
Unless the purchase contract requires the buyer to share the appraisal, it may not be mandatory. You need to consult a local attorney to review your agreement and render an opinion on the appraisal sharing requirement if there is one.
If the property is being sold by the executor of an estate, a seller's disclosure is not required. However, heirs at law and beneficiaries are not included in the list of exemptions and must therefore complete a seller's disclosure.
Disclosure Laws in Texas for Home Sales It says that sellers of single-unit residential real property must give purchasers a written notice containing their knowledge of the condition of the property, and sets forth language that should be on that form, focusing on material defects.
The seller's failure to provide the required disclosures entitles you to make claims for monetary damages for undisclosed defects under either the Texas Deceptive Trade - Consumer Protection Act or the Statutory Fraud Act.
Is a Seller's Disclosure Required in Texas? Yes. Section 5.008 of the Texas Property Code requires anyone selling a single family home to fill out a seller's disclosure. It even has a script you can use to write your disclosure?so you know you've met all the requirements.
Yes! Regulations allow real estate agents, or other persons with an interest in the real estate transaction, to communicate with the appraiser and provide additional property information, including a copy of the sales contract.
The CRES Risk Management legal advice team noted that an appraisal is material to a transaction and like a property inspection report for a purchase, it needs to be provided to the seller, whether or not the sale closes.