New disclosures go into effect today

Effective today, there are new disclosures that must be used when applicable.

According to Tom Morgan, Texas Association of Realtors Senior Counsel, the new disclosures must be completed with any contract that is executed on or after September 1. The new forms are available on zipforms or on the TAR website. There is also a TREC version of the form that is available on the TREC website, but, in my opinion, the TAR form is a little more user friendly.

I am told that the changes regarding smoke detectors were a compromise with another lobby group who wanted stronger legislation that would make Realtors more involved in bringing properties that we sell up to code. While the new disclosures are an inconvenience, they are better than what the alternative might have been.

Lori Levy, Associate Counsel for the Texas Association of Realtors, wrote a good article on the changes that was published in the last association newsletter. To view a copy of it, go to this link:

http://texasrealtors.com/web/3/25/topics.htm

Please be sure to get the new form signed with all contracts after today and enjoy your holiday weekend.