CH 11 CONTINGENCIES, AMENDMENTS, and ADDENDA.pdf.docx

Environmental assessment threatened or endangered

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Environmental Assessment, Threatened or Endangered Species, and Wetlands Addendum (28-2) Disclosure of Relationship with Residential Service Company (RSC-2) Depending on the terms of the contract, the addenda may or may not apply. ___________________________________________________________ _ Unit 11: Contingencies, Amendments, and Addenda 421
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Texas Real Estate Consumer Notice Concerning Recognized Hazards or Deficiencies (OP-I) The TREC OP-I form is approved for voluntary use by real estate agents to inform potential buyers about possible hazardous conditions on the property and to have the property inspected. Many properties do not meet the Standards of Practice as established by the Texas Real Estate Commission. Quoting from this notice: While the TREC Standards of Practice do not require inspectors to perform a code compliance inspection, TREC considers the potential for injury or property loss from the hazards addressed in the Standards of Practice to be significant enough to warrant this notice. TREC-licensed inspectors are required to identify items as deficient although they may have complied with the building code when the property was built. The parties to the transaction are under no obligation to correct these situations. The intent of this notice is to make the consumer aware that there are potential hazards. Examples of Hazards Addressed in the OP-I Form Improperly installed or missing ground fault circuit protection (GFCI) devices for electrical receptacles in garages, bathrooms, kitchens, and exterior areas Improperly installed or missing arc fault protection (AFCI) devices for electrical receptacles in family rooms, dining rooms, living rooms, parlors, libraries, dens, bedrooms, sunrooms, recreations rooms, closets, hallways, or similar rooms or areas Ordinary glass in locations where modern construction techniques call for safety glass The lack of fire safety features such as smoke alarms, fire-rated doors in certain locations, and functional emergency escape and rescue openings in bedrooms Excessive spacing between balusters on stairways and porches Improperly installed appliances Improperly installed or defective safety devices Lack of electrical bonding and grounding Seller’s Disclosure of Property Condition Section 5.008 of the Texas Property Code requires all sellers (regardless of whether a licensee is involved in the sale or not) of single-family homes to provide buyers with the Seller’s Disclosure of Property Condition . This notice is a detailed statement that explains what the seller knows about the condition of the property. ___________________________________________________________ _ Unit 11: Contingencies, Amendments, and Addenda 422
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The promulgated TREC form is a voluntary form that is provided to the buyer prior to making an offer, or within so many days (per the purchase contract) after acceptance of the offer. Although the TREC-approved form is optional, it is mandatory that a Seller’s Disclosure of Property Condition that meets the Texas Property Code requirements be given to the buyer.
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  • Fall '19
  • Mortgage loan, FHA

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