Sellers Beware: 33 Buyer Outs
Here are the 33 Buyer outs that all Sellers should be aware of: #1: TITLE COMMITMENT The title company has 20 days after receipt of the contract to furnish to the buyer with a Commitment for Title Insurance and the Exception Documents, although this time will automatically extend for 15 days or 3 days before […]
The Importance of Completing Paragraph 21 of One to Four Family Residential Contract
After reviewing thousands of TREC One to Four Family Residential Contracts, I have come to understand the importance of the parties fully completing Paragraph 21 entitled “Notices”. I have seen contracts where the paragraph was completely empty, others with only e-mail addresses for one or both parties, and others that only listed the realtor contact information. […]
Texas Property Tax Appraisal Protests and Appeals
Under the following circumstances, Texas law requires county appraisal districts to send property owners a notice on April 1st of the market value of their home and how much tax they will have to pay based on the same tax rate as the previous year: If the value of the property is higher than it […]
Series LLC in Texas: Is it a Good Fit For Your Real Estate Investment Business?
There are many entities available to choose from, and which one is the best choice depends on your specific goals. There are 4 basic types of entities: Corporations – have been in existence at least since the 1790s. They may be comprised of a single shareholder, in which case that person is its director, president, and […]
How is Property Assessed?
Determining a property’s market value is the first step in assessing. In order to estimate the market value, the assessor can use three different methods. They have the option of choosing any one or any combination of the three. A property’s value can be estimated in three different ways: 1. Sales Evaluation The assessor compares […]
What are Digital Closings, How Does Remote Online Notary (RON) Work, and When is it Appropriate to Use?
Texas Title is fully equipped to handle RON Transactions. What is RON? The Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2020 authorized the nationwide use of “RONs” setting forth certain standards and procedures in recognizing Ron transactions. Texas quickly implemented the Secure Notarization Act, and is authorized, even in states where […]
Steps in a Real Estate Transaction From Start to Finish
Here are the steps in a real estate transaction from start to finish. For Sellers Seller hires a licensed real estate professional Seller’s agent conducts a CMA (comparative market analysis) to gauge homes worth Seller’s agent takes photos of the home, and creates a written description of the property Agent lists home for sale on the […]
What to Pack for the Closing Table
Homebuyers and sellers should come prepared with the following items to make the closing experience as seamless as possible. BUYERS Two forms of IDA valid driver’s license and one of the following: social security card, passport or resident alien card. Funds for the closingEither a wire transfer (with the bank confirmation) for the amount outlined by your […]
8 Key Professionals in a Real Estate Transaction
Knowledgeable, customer-focused professionals are available to answer your title and settlement questions. Throughout the home selling process, you may also encounter the following industry specialists who are able to professionally answer questions in their area of expertise. REAL ESTATE AGENT Licensed by the state to represent parties in the transfer of property. HOME INSPECTOR Objectively […]
What is Homestead Exemption and How To Apply
What is Homestead Exemption? A homestead exemption lowers your property taxes by removing a portion of your home’s value from taxation. Different taxing entities give different exemptions, depending on the type of tax entity and the location. You can apply for a retroactive exemption up to one year after the property tax delinquency date (normally February 1st). How Do I Apply? Most counties […]