• Confirm the seller’s name with the appraisal district
• Confirm the seller is the real seller
• Confirm buyer name with driver’s license
Presented by the Education Team at Independence Title. TREC Provider# 403
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PROPERTY FORMULA
Land + Improvements + Accessories = PROPERTY
PROPERTY IS WHAT CONVEYS
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How is it determined if it stays?
• The courts use the “TRIPLE A” method:
üAnnexation – can it be removed without causing damage?
üAdaptation – is it customized for the property or is it standard?
üAgreement – what was their intention?
“We have to keep Grandma’s chandelier!!!”
§ Listing agents be proactive
§ Use paragraph 2D, Exclusions, in the contract
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Addendum Regarding Residential Leases
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Addendum Regarding Fixture Leases
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Paragraph 5 B.
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• Details about the title policy and who will pay for it.
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• Details about delivery of the title commitment.
• Delivery of the existing survey and T-47 affidavit or T-47.1 declaration.
• Use (2) or (3) when a new survey is needed.
• Use if the buyer has a specific need for the property example shortterm rental.
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Use when a buyer wants to perform hydrostatic testing.
• Only a licensed plumber
• Establishes authorization by the seller
• Allocates risk of damages to the property
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New Water Rights Disclosure - The Agents' Role:
•Recognize when the form applies.
•Help the seller complete and provide the form when it is required.
•Identify possible red flags.
•Encourage additional investigation when appropriate.
REMEMBER:
If you see acreage, wells, shared water systems, ponds, irrigation, agricultural use, or private water arrangements, this paragraph & addendum deserve careful attention and should not be treated like a routine checkbox disclosure.
A new Paragraph 7(I) has been added, and a new Seller’s Disclosure About Groundwater and Surface Water Rights form has been created. This change does not apply to the Condo Contract.
• Paragraph 5 of the Amendment to Contract form has been updated.
• The disclosure at the bottom of Page 10 related to compensation between brokers has been removed. YAY!
RESIDENTIAL REAL ESTATE LISTING AGREEMENT EXCLUSIVE RIGHT TO SELL TXR 1101
BUYER/TENANT REPRESENTATION
AGREEMENTLONG FORM TXR 1501
12.A.(1)(b) is used for seller contributions other than compensation. Examples:
• Closing Costs
• Carpet Allowance
12.B. is used for Compensation
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Paragraph 20 FIRPTA Class
Paragraph 21 (Notices) was amended to clarify the acceptable delivery methods and that notices are effective when sent to a party or that party’s agent.
All addenda and notices are incorporated into Paragraph 22 and reorganized into clearly labeled categories.
The Broker Information page has been retitled "Broker Contact Information." It has also been reorganized with updated formatting and terminology.
