Starting September 1, 2023, two key forms, the Consumer Protection Notice and the Seller’s Disclosure Notice, will have significant updates due to recent legislation by the 88th Texas Legislature.
Consumer Protection Notice
Form: Consumer Protection Notice (TREC No. CN 1-3)
What’s Changed?
The form no longer mentions the real estate inspection recovery fund, as it was repealed this session.
Impact on Licensees
All real estate brokers, sales agents, inspectors, and ERW agents must display the updated Consumer Protection Notice prominently online and at their business locations.
Action Steps
- Access and review the updated form on TREC’s website.
- If you link directly to the TREC website for this form, ensure the link remains active.
- For those using a PDF or hosting the form independently, update to the new form by September 1.
- Print and display the updated form at your place of business.
Seller’s Disclosure Notice
Form: Seller’s Disclosure Notice (TREC No. OP-H)
What’s Changed?
The new requirement is for sellers to disclose the type of gas supply piping - black iron pipe, copper, or CSST.
Impact on Licensees
This change necessitates additional information from sellers, which might be listed as ‘unknown’. Licensees should be aware of the inspection reports since 2022, which include this information.
Action Steps
- Familiarize yourself with the updated Seller’s Disclosure Notice.
- Guide sellers in identifying the type of gas piping, or advise them to mark ‘unknown’ if unsure.
- Use the updated form for contracts executed on or after September 1, 2023.
Staying Ahead
For a deeper understanding and more information, check out TREC’s official update page or TREC’s article covering these changes.
Important Notice: Hello Texas real estate experts! This article is part of our effort to keep you in the loop with the latest industry developments, including vital form and regulation updates. For a deeper dive and personalized advice on how these changes impact your business, we encourage you to chat with your broker. We’re here to assist with transaction coordination services that adapt to these updates, ensuring you’re always ahead of the curve.
