My buyer wants to purchase a residential property owned by an investor who hasn’t seen the property in years. The owner refuses to fill out a seller’s disclosure notice, except to note he has no knowledge of the property’s condition. Is this sufficient disclosure?

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  • My buyer wants to purchase a residential property owned by an investor who hasn’t seen the property in years. The owner refuses to fill out a seller’s disclosure notice, except to note he has no knowledge of the property’s condition. Is this sufficient disclosure?

The Texas Property Code requires a seller of residential real property comprising not more than one dwelling unit to provide a seller’s disclosure notice to the buyer. The Property Code doesn’t offer an exception to the requirement because a seller hasn’t seen or lived in the property. After all, knowledge of the property can come from sources other than a visual examination, such as complaints from tenants or reports from property managers.

Failing to provide a completed seller’s disclosure notice to the buyer may entitle the buyer to certain remedies, like terminating the contract.

Remember, a buyer should never rely upon the information provided by a seller concerning the condition of the property, even in a situation in which a completed seller’s disclosure notice has been provided. A buyer should always have his own inspection done to satisfy his concerns about the condition of the property.

Source: TAR

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