We’ve recently started providing an additional form to all of our buyers. It’s a notice provided by the Texas Association of Realtors called “GENERAL INFORMATION AND NOTICE TO A BUYER“. Though I like to keep paperwork simple and minimal, this form is helpful in bringing to the attention of buyers some of the things that may need further explanation or discussion.
Like anything in life, those of us who do something evey day can sometimes forget or become disconnected from nuances that others may not know about. We assume everyone knows about insurance, inspections, property taxes, etc., but that’s not necessarily the case with many buyers. Providing a buyer with this information brings these important items to their attention so they can ask questions and seek further information if needed.
Here is the content of the TAR Form 1506 (7/15/05)
Be an informed buyer. Make sure that the property you want to purchase meets your needs. The following information may assist you during your purchase.
ANNEXATION. If the property you buy is outside the limits of a municipality, you should be aware that the property may later be annexed by a nearby municipality. You may find information on the boundaries of nearby municipalities by contacting the municipalities directly.
APPRAISAL. An appraisal is a valuation of the property. An appraiser renders an estimate of value as of a certain date under assumptions and conditions stated in the appraisal report. Typically, a buyer’s lender requires an appraisal to verify that the loan is secured by property that is worth a certain amount. An appraisal is not the same as an inspection.