Under Texas Property Code §5.008, all of the following sellers are exempt from the Seller's Disclosure Notice requirement EXCEPT:
Correct Answer
D) A homeowner selling their primary residence that they have occupied for the past five years
A homeowner selling their primary residence is NOT exempt from the Seller's Disclosure Notice requirement. This is exactly the type of seller the disclosure requirement targets—someone with personal knowledge of the property's condition.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
More Promulgated Contract Forms Questions
In Texas, title insurance rates are:
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Under the TREC contract, a TREC Amendment is effective when:
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