Change is The Only Constant

By
Real Estate Agent with Coldwell Banker United Realtors® ~ 512.750.6899

TARContracts and addenda used in real estate transactions are constantly being revised by the Texas Association of Realtors to reflect new laws and new ways of conducting business.  On January 1, 2010 they introduced a new version of the Seller's Disclosure Notice.  Last spring the 81st Texas Legislature passed laws mandating changes to the Seller's Disclosure Notice (TAR 1406).


The four changes you need to be aware of in the Seller's Disclosure are:

smoke detectors1. There is now additional clarifying language mandated on all seller's disclosure forms concerning smoke detectors.  The disclosure states that smoke detectors are required and the seller must install smoke detectors for the hearing impaired if certain conditions are met.  The clarification added is the following:        The Parties may agree who will bear the cost of installing the smoke detectors and which brand of smoke detectors to install.


2. The disclosure notices previously contained a section where a buyer could waive his rights to having smoke detectors installed.  This has now been removed.


3. There was clarifying language added to the question "if the seller is aware of any lawsuits or other legal proceedings directly or indirectly affecting the property."   The additional language added is:
"includes but is not limited to divorce, foreclosure, heir-ship, bankruptcy and taxes."


4. The seller now must add the phone numbers for the disclosed utilities on the disclosurem so a buyer does not have to chase down the phone numbers for contacting those entities.

We as agents need to make time to keep up with revisions so we can explain their impact to both sellers and buyers.  If we are going to be our clients resource we need to be up to speed!

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Ambassador
2,740,947
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

You gotta love the real estate boards who write and re-write in this changing landscape of the real estate world.

I had a new agent some years ago who printed out all of the contract forms and addenda, went to a printer and had 100 copies of everything made. 

The board changed the contact and it was revised from 7 pages to 9 two weeks later. 

Sad.

Jan 29, 2010 07:53 AM #1
Rainmaker
450,429
LLoyd Nichols
Premier Florida Realty of SWFL - Fort Myers, FL
SW Florida Homes

Sometimes, the Boards did something else to do than trying to fix something no broken.

Jan 29, 2010 07:56 AM #2
Rainmaker
3,830,649
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Lenn,

Always changing..that is the name of the game.

Jan 29, 2010 02:12 PM #3
Rainmaker
3,830,649
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Lloyd,

Always adding things to make sure everything is covered.

Jan 29, 2010 02:13 PM #4
Rainmaker
628,217
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Dorie, I'm waiting for our changes this year, I'm just guessing there will be some....

Jan 30, 2010 01:23 PM #5
Rainmaker
3,830,649
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Mary,

Our boards are always making changes..usually at the start of the year....they do listen to challenges some have with existing contracts and addenda and try and clarify their interpretation.

Jan 30, 2010 10:36 PM #6
Rainmaker
483,812
Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, e-Pro, TAHS

They like making more work for us too.

Jan 31, 2010 02:32 PM #7
Rainmaker
3,830,649
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Ricki,

Because of complaints and lawsuits they do need to keep changing things to fit the way we conduct business..sometimes it does seem like busy work.

Feb 01, 2010 09:35 AM #8
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Rainmaker
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Dorie Dillard CRS GRI ABR

Serving Buyers & Sellers in NW Austin Real Estate
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