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The Texas Association of Realtors®
provides the following information for you
Real estate brokers and salesmen are required by law to
make properties available without regard to race, color, religion,
national origin, sex, disability or familial status.
Prior to entering into a contract, a buyer may find it useful to
pre-qualify for a mortgage loan. Loan programs, fees, interest rates
and requirements vary among lenders.
Brokerage fees are negotiable and are not fixed or controlled.
In many transactions, including most residential sales, a seller will
deliver a Seller's Disclosure Notice to a buyer on or before the
effective date of a contract to purchase the property The notice
provides important information about the seller's knowledge of the
property condition.
Buyers, sellers, landlords, or tenants are encouraged to have a
property inspected by licensed inspectors or lawfully authorized
persons to determine- (a) the condition of the property; (structural,
mechanical, and electrical items); (b) any environmental conditions;
(c) feasibility of use; (3) compliance with laws or regulations; (e)
presence of termites or wood-destroying insects; and (f) any other
matters. Brokers are not qualified to perform such inspections.
Residential service contracts are available to buyers and sellers of
residential property. In a residential service contract, a residential
service company agrees to, subject to the terms of the contract,
repair the appliances, electrical, plumbing, heating, cooling or other
systems in the property.
Buyers are advised to obtain a policy of title insurance or have an
abstract of title reviewed by an attorney of buyer's choice before
purchasing a property.
Buyers, sellers, landlords, or tenants are advised to seek the advice
of an attorney of their own selection before entering into a binding
agreement.
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INFORMATION
ABOUT BROKERAGE SERVICES
Texas
law requires all real estate licensees to give the following
information about brokerage services to prospective buyers, tenants,
sellers and landlords.
Before
working with a real estate broker, you should know that the duties of
a broker depend on whom the broker represents. If you are a
prospective seller or landlord (owner) or a prospective buyer or
tenant (buyer), you should know that the broker who lists the property
for sale or lease is the owner's agent. A broker who acts as a
subagent represents the owner in cooperation with the listing broker.
A broker who acts as a buyer's agent represents the buyer. A broker
may act as an intermediary between the parties if the parties consent
in writing. A broker can assist you in locating a property, preparing
a contract or lease, or obtaining financing without representing you.
A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner's agent by entering into an agreement
with the owner, usually through a written listing agreement or by
agreeing to act as a subagent by accepting an offer of subagency from
the listing broker. A subagent may work in a different real estate
office. A listing broker or subagent can assist the buyer but does not
represent the buyer and must place the interests of the owner first.
The buyer should not tell the owner's agent anything the buyer would
not want the owner to know because an owner's agent must disclose to
the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:
The broker becomes the buyer's agent by entering into an agreement to
represent the buyer, usually through a written buyer representation
agreement A buyer's agent can assist the owner but does not represent
the owner and must place the interests of the buyer first. The owner
should not tell a buyer's agent anything the owner would not want the
buyer, to know because a buyer's agent must disclose to the buyer any
material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker
complies with The Texas Real Estate License Act. The broker must
obtain the written consent of each party to the transaction to act as
an intermediary. The written consent must state who will pay the
broker and, in conspicuous bold or underlined print, set forth the
broker's obligations as an intermediary. The broker is required to
treat each party honestly and fairly and to comply with The Texas Real
Estate License Act. A broker who acts as an intermediary in a
transaction:
(1) shall treat all parties honestly;
(2) may not disclose that the owner will accept a price less than the
asking price unless authorized in writing to do so by the owner;
(3) may not disclose that the buyer will pay a price greater than the
price submitted in a written offer unless authorized in writing to do
so by the buyer; and
(4) may not disclose any confidential information or any information
that a party specifically instructs the broker in writing not to
disclose unless authorized in writing to disclose the information or
required to do so by The Texas Real Estate License Act or a court
order or if the information materially relates to the condition of the
property.
With the parties' consent, a broker acting as an intermediary between
the parties may appoint a person who is licensed under The Texas Real
Estate License Act and associated with the broker to communicate with
and carry out instructions of one party and another person who is
licensed under that Act and associated with the broker to communicate
with and carry out instructions of the other party.
If you choose to have a broker represent you, you should enter into a
written agreement with the broker that clearly establishes the
broker's obligations and your obligations. The agreement should state
how and by whom the broker will be paid. You have the right to choose
the type of representation, if any, you wish to receive. Your payment
of a fee to a broker does not necessarily establish that the broker
represents you. If you have any questions regarding the duties and
responsibilities of the broker, you should resolve those questions
before proceeding.
http://www.trec.state.tx.us/pdf/contracts/op-k.pdf
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INFORMATION
ABOUT BROKERAGE SERVICES