Texas is a non-disclosure state when it comes to sharing the sales price of a home. But what does that mean? Here are some answers to frequently asked questions to help your clients be better informed next time they are asked for their home’s sales price.
What does it mean to be a non-disclosure state?
It means the state cannot require you to disclose sold information. However, REALTORS® utilizing the Multiple Listing Service to advertise and sell properties are still required to report the sales price to the Multiple Listing Service (MLS).
If a government entity, including the appraisal district, asks me for the sales price of my home, am I required to provide it?
No. The state government, including local appraisal districts, cannot force anyone to provide the sales price to it.
If I am asked by a government agency or appraisal district to provide the sales price of my home, what should I do?
You are not required to disclose the sales price with either of these entities. You may disregard any requests to do so. There will be no penalty for declining to share this information.
Is a REALTOR® permitted to share the sales price of a home to their clients?
Yes. As a REALTOR®, you may present to a seller what similar homes in their neighborhood have sold for. Knowing the sales prices of nearby properties allows buyers to understand better their local market and make an informed decision when deciding the price at which to list their property for sale. Sharing sales prices is allowed in this context, as it is not being disclosed in a publicly available document and is only being used for informational purposes in a private setting.
Note: The government cannot require you to allow them physical access to your property to inspect it.
Still have questions?
Contact SABOR at email@example.com.
Click here for a graphic to use to spread the word with your clients.