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Real State Law
Buying, selling, or owning a real estate property in Texas? Let us help you!
Texas law requires that you, as a home seller, disclose certain information to prospective buyers before the closing. The purpose is to make it clear about any problems with your property so they can decide whether or not they want it.
The seller is obligated by Texas Property Code § 5.008 to disclose any potential hazards or structural deficiencies in their home, such as mold or non-functioning electricity. Failing to deliver this disclosure form pre-contract, could lead to buyers terminating the deal within seven days of receiving it from you.
Once the Texas Real Estate Commission (TREC) form is signed by both parties, it is officially complete and legally binding.
One of the more common ways for a seller to fail is by not providing information on lead-based paint and lead hazards. If a home seller in Texas has failed in disclosing a property defect, it could be considered fraud under Texas law, by not being truthful with what it has or does not have on it and how functional it can be for your needs.
If you find issues that should have been disclosed before the sale, or if your seller doesn’t fix what is wrong after they agreed to do so in their contract, you may be able to hold the seller responsible and initiate legal actions against them. If this happens to you, then do not hesitate in contacting The Parra Law Firm Today!What Is Not Required to Disclose Before the Closing?
The Texas Property Code § 5.008 was intended to protect you from the hidden flaws of a home. Information about whether the property has plumbing problems, electrical problems, structural problems or damage, water leaks, roof damage, litigation, boundary disputes, and other important conditions that would affect your decision to buy the property. However, sellers are not required to disclose certain information such as:
- sellers of newly constructed homes
- sellers under “as-is” agreements (in which the buyer affirmatively agrees that he or she is not buying based on representations made by the seller), and
- sellers who would not have known of the property’s condition, such as banks who own the property by virtue of foreclosure.
In conclusion, if you purchased a home without receiving a disclosure notice and you have found defects that should have been mentioned before the closing, as it may have affected your buying decision, contact our experienced real estate attorneys in San Antonio as soon as possible. You might have only seven days to apply your statutory rights to rescind the purchase.