TXR 1506 — General Information and Notice to Consumers

Defines broker roles (representation or intermediary), states agents are not inspectors or attorneys, and emphasizes broker compensation is fully negotiable — not set by law, MLS, or any association. Multiple compensation models exist (commission, flat fee, hourly, task-based) with payment from various sources.

Covers environmental hazards (asbestos, lead-based paint, mold, radon, pesticides, underground storage tanks, etc.), ASR/Concrete Cancer in foundations and pools, lead-based paint federal disclosure for pre-1978 homes, oak wilt, noise, and expansive soils affecting foundations. Recommends qualified expert inspections for all concerns.

Encourages buyers to hire licensed inspectors during the option period and accompany them. Repair obligations must be resolved in writing before the option expires. Buyer should walk through before closing. The termination option gives unrestricted right to terminate — the period is NOT suspended by repair negotiations and extensions require separate written agreement with additional fee.

Covers FIRPTA withholding for foreign sellers (up to 15%), tax prorations at closing (exemptions may not transfer, new construction prorated on land only), property values being cyclical with no agent guarantees, title insurance recommendations, and survey importance for identifying boundaries and encroachments.

Covers HOA (mandatory membership, dues, foreclosure for nonpayment), mineral interests (may be severed, expert title review needed), flood hazards (insurance recommended regardless of zone), septic systems (inspection and county registration), water wells (inspection and testing), synthetic stucco/EIFS risks, utilities availability, and water level fluctuations for lakefront properties.

Covers annexation risk for properties outside city limits, historic/conservation district restrictions, border property infrastructure requirements, school boundary verification, statutory tax districts (MUD, WID, PID), foreign buyer/renter restrictions under Texas Property Code Chapter 5, tide water notices, and surveillance during showings.

Covers wire fraud warnings, property insurance (obtain before option expires), residential service contracts (home warranties), MLS data accuracy disclaimers, possession timing (written lease required for early/late possession), sex offender registry information, and square footage verification.

Provides a blank line for additional broker-specified information. The broker signs identifying themselves, and consumers sign acknowledging they received, read, and understand the notice. Consumer initials required on pages 1-4.