If you’ve never worked with a MetroTex Realtor before, you may not know what to expect beyond touring houses together or pricing your home for sale. Your MetroTex Realtor will explain every step of the process, but you can get a head start by understanding some of the forms you’ll see besides the sales contract. Here’s a rundown of a few common ones.
The Information About Brokerage Services form
One of the first forms you’ll get is the Information About Brokerage Services form, which you may also hear referred to as the IABS form. Texas law requires all real estate license holders to provide this form to prospective buyers, tenants, sellers, and landlords. The form gives you general information about how a real estate transaction in Texas works. For example, it explains the difference between a broker and a sales agent, and it outlines the services a client should expect from a broker as required by Texas law. Don’t be afraid to ask your MetroTex Realtor questions about this form before you sign it.
The Residential Real Estate Listing Agreement form
Once you find the MetroTex Realtor who is the right fit to sell your home, he or she will ask you to sign the Texas Association of Realtors Residential Real Estate Listing Agreement – Exclusive Right to Sell. This form helps you both know what to expect while your MetroTex Realtor represents you. It will cover the time period your MetroTex Realtor will manage your listing and how much your MetroTex Realtor will earn from the sale. It also authorizes access to your property while it’s on the market and provides other details about how you will work together. Make sure you understand what the agreement entails and how your MetroTex Realtor will handle your listing.
The Seller’s Disclosure Notice form
Texas law requires most homesellers to disclose the condition of their property and any property defects they are aware of. The Seller’s Disclosure Notice is for sellers to complete and provide to buyers on or before a sales contract’s effective date.
Completing the Texas Association of Realtors Seller’s Disclosure Notice will help sellers meet Texas’s legal requirements about disclosure and reduce your risk of facing problems after the sale. The disclosure is also helpful for buyers, but buyers should not rely only on this completed form for information about a property. It’s a good idea for buyers to hire a professional to inspect the property in addition to carefully reviewing the disclosure notice.
But wait … there are more forms!
There are several other types of forms you may encounter depending on your situation. For example, you might see an Information About On-Site Sewer Facility form if your property has a septic system, or the Request for Information From an Owners’ Association to get information from a homeowners association about its bylaws or restrictions. Your MetroTex Realtor has exclusive access to these and dozens of other forms that other real estate license holders who aren’t members of the Texas Association of Realtors can’t use. The TAR forms are useful for many situations you will encounter in your transaction.
Find a home and your MetroTex Realtor on dfwrealestate.com. Be sure to ask how these forms will help you when you’re buying, selling, or leasing property in Texas.