Commercial Office Space Austin | Seller Disclosure Truths
If you are selling a commercial office or office building , this primer (summary) can help with Seller disclosure and the truths around having to use one.
Disclosure Truth 1
As a seller you can use TREC’s seller’s disclosure of property condition document TXR 1406 or another form however it has to meet the statutory requirements for disclosures required by the Texas Real Estate Commission. As a seller however, once you have a commercial real estate broker helping you listing your property for sale, they can provide you with the member’s only form from the Texas Realtors which provides more details and reduce you risk of a dispute.
Seller’s should fill out a property disclosure statement even if it is for more than one unit, such as a duplex although it is not required. What is required is seller’s must fill a seller disclosure for residential one unit dwellings. You should again engage with a knowledgeable commercial real estate broker to help you fill out the right forms.
Updating the Property Condition Statement
Once you fill out your property condition statement , provide it to the buyer. Sellers are required to provide additional information if they find material issues with the property after the disclosure statement has been filled out.
You can be provided an update form that is available for members only called TXR 1418.
A commercial real estate broker or agent should never fill out your disclosure document. Brokers or agents can provide consultations and support in filling it out however it is the Seller’s responsibility.
Shire Commercial represents Buyers and Sellers of commercial property in Texas. Brokers and agents are not allowed to provide any legal interpretative advice regarding documents.