SELLING REAL ESTATE
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5 Things You Need to Know When Selling Your Home:
- Most residential transactions in Texas use the sales contracts promulgated by the Texas Real Estate Commission (TREC). You should understand the legal effect of this contract. You can find information concerning this form at the TREC website.
- When selling real estate, providing a title insurance policy is one of the largest expenses for a seller. The cost of a title insurance policy in Texas is set by the State Board of Insurance so the cost is the same no matter which title company you select. It is customary for the seller to pay this expense, but it is not required.
- Except in certain limited circumstances, Texas law requires the seller to provide the buyer with a written disclosure of the condition of the property. A seller should be careful not to misrepresent the condition of the property because misrepresentation could cause liability.
- All commercial lenders and most knowledgeable buyers will want a survey of the property. If you have an existing survey and have made no changes to the exterior of the property since the date of the survey, usually the existing survey can be used. If a new survey is required, buyer and seller can negotiate responsibility for the expense.
- If you want to retain the right to remain in your home for a limited period after closing the sale, you must include provisions in your sales contract. It is customary to attach a copy of the proposed lease as an addendum to the sales contract. TREC has a promulgated form which can be used for this lease.
Hancock McGill & Bleau provides “soup to nuts” representation from the initial contract through closing. This service includes a review of a proposed contract and suggested changes, preparation of all usual and customary legal documents required to complete the sale (excluding any documents required to cure title defects), a review of the title commitment issued by the title company to determine if there are any title curative matters which must be addressed, and a review of all closing documents. This service does not include contract negotiation, title curative matters, or dispute resolutions, all services that require an additional fee.
AUSTIN REAL ESTATE ATTORNEYS
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