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
The form no longer mentions the real estate inspection recovery fund, as it was repealed this session.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.
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
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.
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.
Important Notice: Hello Texas real estate experts! This article is a key 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. At Freedom Real Estate Services, we’re also here to assist with comprehensive transaction coordination services that adapt to these updates, ensuring you're always ahead of the curve. While we aim for accuracy and timeliness in our information, remember, staying informed and compliant is crucial for every licensee. For any specific questions, don't hesitate to reach out to TREC, TAR, or get in touch with legal professionals. Let's navigate these changes together, ensuring your real estate practice continues to thrive!