• The use of a revised version of the TAR Seller's Disclosure Notice (Form 1406) is mandatory beginning September 1. The new version adds entries for:

• a "single blockable main drain in pool/hot tub/spa" as well as a definition of such a condition

• "any rainwater harvesting system connected to the property's public water supply"

• designating whether any liquid propane gas is "community (captive)" or "on property"

• The new version of the form is available from zipForm and TexasRealtors.com.

• Section 5.008, Property Code requires a seller of residential property of not more than one dwelling unit to deliver a Seller’s Disclosure Notice to a buyer on or before the effective date of a contract.

Revised Seller's Disclosure Notice Mandatory Sept. 1

• Starting on September 1, home buyers will have to follow new rules and provide more proof to receive the homestead exemption.

• The recent session of the Texas Legislature imposed rigorous new standards of mandatory disclosure for those property owners who apply for any one of several kinds of homestead exemptions.

• In order to receive a homestead exemption for property tax purposes, applicants must now provide a copy of their Texas driver's license or Texas state-issued identification card and a copy of their vehicle registration receipt with their application for a homestead exemption.

• Moreover, the addresses shown on each of the documents must be the same as the address for which the homestead exemption is sought.

• Those who do not own a vehicle will be required to submit a notarized affidavit certifying that fact and provide a copy of a current bill received from a utility company. The address on the utility bill must be the same as the address on the application for a homestead exemption.

• Applications for the exemption that are submitted by August 31 will be processed under the pre-September 1 guidelines.

New Requirements for Homestead Exemption

Weekly HAR Market StatFor the current reporting cycle, demand-side market participants were decidedly optimistic. More buyers entered into contract than during the same week last year. Seller activity, however, fell slightly behind the same week in 2010. As the days get shorter, activity levels should temper somewhat. Additionally, year-over-year comparisons will become more reliable as the 2010 post-credit slowdown is but a speck in the rearview mirror.

In the Houston region, for the week ending August 21:• New Listings decreased 12.8% to 2,001• Pending Sales increased 43.2% to 1,435• Closed Sales increased 14.9% to 1,211

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