What do you have to disclose to potential buyers when selling your house in Texas?
You are required to disclose any material fact that could possibly affect the value of the property.
For example, if you’ve ever had a fire of any sort you’d have to disclose it. Now, this property behind me was utterly destroyed by fire.
Other facts you must disclose include:
- roof leaks
- termite damage
- electrical deficiency
- plumbing problems
- A/C problems
- problems with any system of the home
In fact, my clients fill out a five page disclosure form to help them comply with the law. It helps buyer’s be knowledgable about any deficiencies with the home. It also helps them understand the features of the home. The form contains both the pros and the cons.
This form helps protect sellers from litigation after the sale, by complying with Texas law.
I remember a transaction many years ago where a Seller crawled under the home and erected some plywood to prevent the home inspector from seeing some termite damage. The Seller was intentionally hiding the damage.
Sometime after closing the new owner suspected some termite activity and called a Pest Control Company to come out an inspect. The Inspector said, “I remember coming to this home when the previous owner as here and I told him about some termite activity.” Oh, Oh.
The Seller had misrepresented the property. The Seller had filled out the disclosure form and had indicated that he never had any termites affecting the property to his knowledge. He lied.
The new owner sued the Seller and was awarded a significant judgement by the court.
It pays to disclose. Always. In fact, it’s better to over disclose than under disclose, if there’s any question at all.
So, whether you are buying or selling be sure to work with a knowledgable REALTOR® who will look after your best interest.
