Transcription of Vlog:
Hey what's going on? Welcome to another, I don't want to call these episodes, but I guess we can call them episodes. Anyways today I want to talk to you guys about the seller's disclosure. Like I said I wanted to put content out there for you, whether you're a buyer, or whether you're a seller. But I want to talk to you guys today about the seller's disclosure.
Okay the seller’s disclosure is a piece of document that you need when you are selling a home that you disclose information on, material information, about the property to the incoming buyer. Now there are some exceptions, you don't, or not exceptions, some exemptions to when you do not need to go ahead and disclose. One exemption that I can think of off the top of my head is going to be the new construction. A new construction home does not need a seller's disclosure.
Okay so the seller’s disclosure form, if you are a for sale by owner, I recommend, I recommend that you go ahead and, you know, you get that from the TREC website and you look for the forms. I'm going to go ahead, and show that to you how you access the TREC website you just go to the TREC website.
These are, these particular forms are available to, you know, the public, right. So you go to the TREC website trec.texas.gov go right here to where it says forms, you look at contracts, other forms, and then right here, under Seller's disclosure, is the document. Now once you download it, it'll be fillable. I already had one downloaded from our particular Library.
Now this says sellers disclosure notice, you fill this out. Fill it out to the best of your knowledge. That is the important part, fill it out to the best of your knowledge. If there are some things that you are not unaware of, you just put unaware, I think right here on this one, I don't use this one very often, but yeah it says right here unknown, or unaware, unknown, or unaware. Okay. So if you're not familiar, you just put unknown, but if you know that something is defective, just put that, you know, it's defective it's always best to disclose something, than to leave it up to chance, and the buyer comes back and says, “hey you didn't disclose this, you didn’t disclose” okay. It's always best to disclose something okay. So this is that form, I, if you're a for sale by owner, here it is, it's there for you now, even if you are for sale by owner, you may decide that, “you know what, I want to use a real estate agent,” (hey give me a call by the way right). Anyways, fill this up, you know, just fill it out to the best of your knowledge and as complete as you possibly can.
Now if you're, if you're going to work with a real estate agent, if you're going to work with me, I, I'm going to send, I mean, I'm going to send you the option, you know, you got this option or this option, but I honestly do prefer that sellers just use this one. This is coming straight from the Texas Realtors, uh what's it called, Library. I like this one a little bit more. Why? I think I feel like it's more detailed right? You don't have to use this one you can use the other one, it works fine, uh they both fulfill the property code. Right, this is right here, “section property code requires a seller of residential property of not more than one dwelling, oops, to deliver a seller's disclosure. Okay so you do need, whether you're a for sale by owner, or you're working with a real estate agent, you do need this. Right, so you fill this out, now I use a program called Seller’s Shield, and it just kind of guides the seller through the process, and it works out fantastic. Now the only thing with Seller’s Shield, is that at a certain point once you're done filling out, it's going to ask you if you want to opt in to purchase protection. It's up to you, the seller. I think that if you disclose everything you need to disclose, you'll be fine without it. Just fill it out. Right. So you disclose as much as you can, again Y’s, N’s, U’s used for unknown, or unaware. Fill out this form. Now as you go and you progress through it there's a couple of things you know if you have a home that was built before 1978 we're going to have to use you know the disclosure, uh, the lead-based disclosure, uh, we're going to have to add that. If you're going to go ahead, and you know, regardless of whether your property has flooded, or not, this one's right here is super important. So section five says, you know, has, or does the property have present flood insurance. And if it does, or if you answer yes to any of these, then we're going to go ahead and have to add the TXR 1414 which is this one right here, okay, and this one is just letting the buyer know, “hey by the way read this information about special flood hazard areas”, regardless of whether the property has ever flood, or not, if you put yes, I do have insurance. For example, you're going to have, we're going to have to attach this document. Now that's just information. We'll work on that, you know, let's just say you have questions, “hey Luciano what do I need to do about this?”, we'll work on that, right! So Seller's Disclosure, that's what it's for. It's a form that the seller fills out, fills it out with the best information, or the best of their knowledge, disclose what they have to disclose for the incoming buyer. “Mr. buyer here you go buddy.” Correct…you fill this out, continue to fill it out, if you have any questions, ask your real estate agent. Your real estate agent cannot help you fill it out. Now we can guide you, we cannot help you fill it up, right. This is what you know, now once we become, guys, keep this in mind, once we become aware of something you defect, that you're disclosing, or there's a material defects that you told me about, I have to just close that, right? So if a buyer comes in, or if I'm working with you, and you tell me “hey uh Mr. agent uh there's this particular defect, the door is broken”, well I'm going to, you know, somebody’s ask me, I'll have to disclose that right. Hey I know the door is broken so keep that that in mind you know. I have to be fair and honest right. So make sure that you fill this out with the most, you know, honesty right.
And then that's pretty much it just kind of want to go ahead and show you a sample and I'll, and I'll put this, I'll link it to the YouTube link down below. Or I'll link it to my Google Drive, I'll find a way to link it so that you can go ahead, and just pull up the sample and look at it, and review. If you have any questions, or if you have any thoughts about maybe selling your house, give me a call. My number is 956-862-1556 you can also reach me at my other number 956-476-2925. I hope to hear from you I hope this information is at least minimal, uh guidance, and it allows you to be a little bit more informed. All right, if you have any questions feel free to reach out 956-862-1556 or 956-476-2925, or visit my website, at www.martinezrgvhomes.com. Have a wonderful afternoon talk to you soon