Thursday, April 2, 2009

Who has to use a sellers disclosure?

Is the seller required to give the purchaser a seller’s disclosure notice
if the seller has never even seen the property? Do the mandatory
seller-disclosure requirements apply to a relocation company? Do the
disclosure requirements apply to a property for sale by owner?
Section 5.008(e) of the Texas Property Code states that the
requirements to provide a seller’s disclosure notice do not apply to a
transfer:
1. pursuant to court order or foreclosure sale
2. by a trustee in bankruptcy
3. to a mortgage by a mortgagor or successor in interest, or to a
beneficiary of a deed of trust by a trustor or successor in interest
4. by a mortgagee or a beneficiary under a deed of trust who has
acquired the real property at a sale conducted pursuant to a
power of sale under a deed of trust or a sale pursuant to a courtordered
foreclosure or has acquired the real property by a deed
in lieu of foreclosure
5. by a fiduciary in the course of the administration of a decedent’s
estate, guardianship, conservatorship, or trust
6. from one co-owner to one or more other co-owners
7. made to a spouse or to a person or people in the lineal line of
consanguinity of one or more of the transferors
8. between spouses resulting from a divorce or a decree of legal
separation or from a property settlement agreement incidental to
such a decree
9. to or from any governmental entity
10. of new residences of not more than one dwelling unit which have
not previously been occupied for residential purposes
11. of real property where the value of any dwelling does not exceed
5% of the value of the property.

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