Our company`s website contains the „Brokerage Services Information“ form (TAR 2501) which can be read and downloaded by anyone who visits the site. If we meet a potential buyer in one of our listed homes and the buyer says they found the home on our website and read the form on the site, do we still need to give them a copy of the form if we first meet them in the listed home? While Texas REALTORS® has made reasonable efforts to collect and prepare the materials contained herein, Texas REALTORS makes no assurances, warranties or guarantees as to the accuracy or reliability of the information provided herein due to the rapidly changing nature of the real estate market and the law and our reliance on information provided by external sources®. Any legal or other information found on this page or on other websites to which we link must be verified before being used. For buyers, their agent`s compensated amount is usually in their buyer representation contract. While a new survey is almost always a good thing, a cash buyer may want flexibility as to whether or not to order a new survey if the seller does not have an existing survey or does not provide it in accordance with subsection C(1). The alternative proposed in C (2) stipulates that the buyer must order a new survey; However, this mandatory language may not be necessary and the buyer should not be contracted to order a new survey if no lender needs it. 4. Art. 9 of the Code of Ethics requires that, in order to protect all parties, REALTORS® ensure, as far as possible, that all agreements relating to real estate transactions are concluded in writing. The example cited in the last section (vaguely requested a „complete renovation“ of the property) is a good example of how a real estate lawyer can make a difference by creating an addition to particular provisions clarifying the specific intent and agreement of the parties. What happens, for example, if you ask the seller to explain that he or she has completely disclosed an item that could significantly influence the buyer`s purchase or non-purchase decision? Or how about openly stating that the seller`s disclosure is true and correct? Any transaction in which a seller refuses to accept such conditions should be avoided as if the property were radioactive (it could be simple). There are many of these „representatives and warranties“ that a buyer wants from a seller that are not listed on TREC forms.
Here`s one of my favorites: the seller states and warrants that: (i) improvements to the property have never been flooded or flooded by water from any source, including roof leaks, wall leaks, or plate leaks; (ii) the lot or wing flows properly – no part of them suffers from standing water after rain; (iii) the concession area is not located with an area classified by H.U.D., the Army Corps of Engineers or a government authority as an area with an increased probability of flooding; and (iv) there are no signs of mold in any of the improvements and there has never been….