Originally Posted By: gromicko
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(October 29, 2004) – A recent Texas Real Estate Commission amendment requires home inspectors to use a new form for disclosing to all parties in the transaction whether they will receive a fee or “other valuable consideration” from someone other than their client. Home inspectors also are required to disclose to?and obtain the written consent of?a client if they intend to pay a fee to a service provider or other participant in the transaction.
Loretta DeHay, TREC's general counsel, says verbal disclosure of such third-party transactions has always been required, but it wasn't until 2004 that the Texas Real Estate Inspector Committee created a uniform document for all home inspectors to use. The form was then adopted by TREC via a rule-making session earlier this year. All home inspectors in Texas must be licensed.
DeHay says that while most real estate practitioners understand the need for written consent when accepting fees from any third party, they also should know that any fees paid to home inspectors must now be disclosed in writing and approved by their client before the money or item of value can change hands.
?By Bridget McCrea for REALTOR Magazine Online
I much prefer email to private messages.