Two TREC form changes effective September 1Two TREC form changes effective September 1https://www.recenter.tamu.edu/news/newstalk-texas/?Item=62015-08-25T05:00:00Z2015-08-25T21:00:00Z​​AUSTIN​ – The Texas Real Estate Commission has taken two actions to address legislative requirements that go into effect Sept. 1.

A revision to the condominium resale certificate was adopted on an emergency basis. As required by Senate Bill 1168, the balance sheet of the condo owners association must be attached to the certificate. The updated certificate now states that the balance sheet is one of the three required attachments, and the resale certificate must provide more details on fees associated with transfer of ownership.

Another law that becomes effective on that date requires that all property owners — including commercial — selling real estate adjoining certain bodies of water with 5,000 acre-feet or more water-storage capacity disclose to buyers that the amount of water contained there could fluctuate. TREC will post language on its website that satisfies the disclosure requirement. License holders can add that language in the special provisions paragraph of any contract when a seller is required to make the disclosure.
Texas Association of REALTORS
Austin-Round Rock
https://www.texasrealestate.com/advice-for-texas-realtors/article/learn-the-latest-about-trec-forms-changesRead more at {Source}

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