With the recent conclusion of the 88th Texas Legislative Sessions, proposed changes in Texas Real Estate Commission’s Broker-Lawyer Committee (BLC) contract forms have been on the table. These adjustments aim to adapt to new state regulations, keeping real estate practices in line with legislative requirements.
The first highlight is the update on the Seller’s Disclosure Notice under HB 697. This revision necessitates sellers to disclose the type of gas fuel piping used in a residential property. The adoption of these modifications on an emergency basis would make the updated Seller’s Disclosure Notice (TREC OP-H) effective from September 1st.
HB 2816 introduces major changes concerning water districts. The legislation replaces several different disclosure notices related to water district tax assessments with a singular notice. Additionally, water districts mandated by the Tax Code to have an online presence would need to post their disclosure notices on their websites. This draft notice form’s examination is slated for the BLC’s subsequent meeting.
Lastly, SB 785 asserts that landowners possess any underground geothermal energy and resources associated with their land. As a result, the term “geothermal” might join the list of terms under the Natural Resource Lease section of the contracts (Paragraph 4).
These proposed shifts highlight Texas’ real estate market’s dynamic nature, shaping how property transactions are conducted in Central Texas. They underscore a strengthened commitment to transparency, ensuring sellers, buyers, and real estate agents navigate the real estate market with clear, comprehensive knowledge.