Who is exempt from providing a written seller's disclosure notice?

The correct answer identifies that a beneficiary under a deed of trust acquiring property at a sale is exempt from providing a written seller's disclosure notice. In Texas law, this exemption applies because a beneficiary, typically a lender or entity that holds a security interest in the property, is not considered a traditional seller. Their acquisition of the property via a foreclosure or sale at a trustee's auction does not stem from a voluntary sale transaction in which the usual disclosures regarding property conditions would be expected.

In contrast, sellers who are also builders of the properties they sell remain subject to disclosure requirements due to their intimate knowledge of the home's condition. Investors who have owned properties for less than six months might still be required to disclose certain known issues, as they are in a position to have acquired knowledge about the property during their brief ownership, and residential disclosure laws apply to them. Similarly, buyers purchasing at an auction generally do not benefit from seller disclosures since those transactions are often "as-is" and put the responsibility of due diligence on the buyer, but they are not exempt from having a seller disclosure notice if a seller is involved. Thus, the unique position of the beneficiary under a deed of trust acquiring property distinguishes it from these other scenarios.