Buying real estate is a major purchase, one that may require the help of an experienced real estate attorney. Hancock McGill & Bleau can provide our expertise throughout the purchase process.
5 Things You Need to Know When Buying Real Estate:
- Most residential transactions in Texas use the sales contracts promulgated by the Texas Real Estate Commission (TREC). You can obtain a copy of these forms on the TREC website. It’s important to understand the legal effect of this contract.
- A survey of real estate is essentially a drawing of the lot and the location of the improvements constructed on the property. It indicates if any improvements that extend over the property lines or into easements or if improvements on adjacent property protrude onto the property being purchasing. A survey is an important document for buyers and uncovers many issues which would not otherwise be discovered until after closing.
- If you need to condition the purchase of a home on the sale of your existing home, TREC has a form for that on its website.
- Repairs are typically negotiated after a property has gone under contract. Most contracts contain a period of time during which the buyer can have the property inspected and, after receiving the inspection report, negotiate repairs with the seller. If the seller is unwilling to make the requested repairs, the buyer has the option to terminate the contract. It’s critical to designate a sufficient option period to inspect the property and negotiate repairs.
- Title insurance can be confusing because it is so unlike most other insurance products. A title policy insures against past issues rather than future events. If real estate is purchased without title insurance, the buyer will have no assurance that the title to the property has been reviewed and any title curative work has been done.
Whether you have a list of specific questions about the buying property, need some advice, or want a second opinion, our attorneys will provide the expertise you need throughout the purchase process.