Is a Texas real estate transaction in your future? Buying or selling property in Texas can be exciting, but the requirements and steps involved often get confusing. If you are planning to buy or sell property in Texas, keep reading this article to learn:
- Why you may need a real estate attorney, even if you already have a real estate agent.
- How you can prepare in advance for buying or selling a property in Texas.
- What steps are involved in the closing process, and how a real estate attorney can help you with closing.
Do I Need Both A Real Estate Agent And A Real Estate Attorney To Buy Or Sell A Property In Texas?
In Texas, while it is not legally required to have both a real estate agent and a real estate attorney to buy or sell property, it is often beneficial. A real estate agent provides expertise in market conditions, negotiations, and property listings.
An attorney, on the other hand, provides legal advice, reviews or drafts contracts, ensures that the sale adheres to state regulations, and assists with a clear title-to-property transfer. Attorneys can also help resolve any legal issues that arise during the transaction.
What Factors Or Issues Should I Be Aware Of When Buying Or Selling Real Property In Texas?
When you are buying or selling real estate property in Texas, you should pay special attention to the following:
- Clear Title: You should make sure the property has a clear title, free of liens or disputes and unnecessary exceptions which may affect your fee-simple ownership.
- Survey and Property Lines: You should ensure property boundaries are clear and there are no disputes with neighboring properties.
- Inspections: Make sure you check for structural issues, pests, plumbing, electrical issues, and other potential problems with the property.
- Local Regulations and Zoning: Familiarize yourself with zoning laws, especially if you plan to make changes or use the property for specific purposes.
- Environmental Concerns: Be sure to check for flood risks, soil contamination, or other environmental hazards.
- Appraisals: You should ensure that the property is priced fairly based on current market conditions.
- Disclosure Requirements: Texas law requires sellers to disclose certain information about the property’s condition.
How Should I Prepare Beforehand To Buy Or Sell Property?
In preparation for selling, you should:
- Enhance Curb Appeal: Make sure your property looks appealing from the outside.
- Complete Minor Repairs: Address any minor issues that might deter potential buyers.
- Declutter and Clean: Present your property in its best light.
- Obtain Property Documents: Get all your property-related documents in order, including the deed, previous title reports and/or owner’s title policy, and any past inspection reports.
In preparation for buying, you should:
- Get Pre-Approved: This gives you an idea of what you can afford and shows sellers that you are serious.
- Do Research: Understand the local market, neighborhoods, and price ranges.
What Should I Know About Title Abstracts And Home Inspections?
When it comes to a title abstract or home inspection, both are critical. A title abstract ensures you have clear ownership without disputes, which is fundamental. A home inspection ensures the property does not have significant defects, saving you from potential costs and regrets later on.
What Are Some Common Title Issues That Can Hold Up A Real Estate Transaction?
- Liens: Financial claims on the property, like a mortgage or unpaid taxes, liens against owner and/or prior owners which were not previously cleared and affect the property.
- Easements: Rights given to others to use a part of the property or you may not have access (ingress/egress) to the property.
- Boundary Disputes: Unclear property lines or disagreements with neighbors.
- Claims of Heirship: Someone claiming they have an ownership stake in the property based on being an heir.
- Errors in Public Records: Mistakes or omissions in the property’s official records.
What Happens At The Closing For A Property Sale?
At closing, you can expect the following steps:
- Finalizing the Mortgage: If the buyer is taking out a mortgage, the lender will finalize the terms.
- Review and Sign Documents: You and the other party will both review and sign various documents, transferring ownership.
- Payment: The buyer provides payment, often through a cashier’s check or wire transfer.
- Transfer of Deed: The deed is transferred from the seller to the buyer, officializing the sale.
To find out more about the closing process, it is important to work with a real estate attorney who will represent you with your best interest in mind. Title companies do not represent any party in the transaction. They can help you understand the steps involved in closing, as well as your responsibilities as the buyer or seller throughout the transaction.
What Can My Real Estate Attorney Do To Make The Closing Process Go Smoothly?
A real estate attorney ensures all documents are in order, addresses last-minute disputes or issues, and provides guidance throughout the process. They can review contracts, address any legal concerns, and make sure all state regulations and requirements are met, making the process smoother and more efficient for you and everyone else involved.
For more information on Handling Real Estate Matters In Texas, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (956) 513-1117 today.
