A seller usually has the easier part of a residential real estate transaction â€“ and often the biggest challenge faced is to determine if a buyer is sincere and financially able to conclude the agreement. Although consultation with real estate lawyers in College Station is possible, realtors are very helpful in finding answers to such questions. A seller would be wise to enlist the help of a Texas Realtor to be sure that the buyer submits a pre-approval letter from a capable lender as a requirement prior to signing a contract.
As a real estate lawyer in College Station TX, it has been my experience that lenders with a local office are very dependable because the personnel are available right there to answer questions and accommodate the needs of the seller.
A seller is also advised to consider the following aspects of the sale of residential property:
- Specific Information – A seller should not represent anything regarding square footage, status of title, value of the property, neighborhood demographics, or any other statistical information that is subject to change. The seller can refer to information provided by others and clearly state that the information has not been verified by the seller but should rather be the responsibility of the buyer.
- Property Condition – Except when there is a specific agreement by the seller to perform repairs prior to closing, the standard Texas Real Estate Commission (TREC) contract provides the property is being sold is as-is, without any representations or warranties. In conversations or email correspondence with buyers prior to closing, a seller should be careful not to offer opinions about anything regarding property condition. If presented with any difficulty about a property condition issue, err on the side of disclosure even on trivial matters.
- Survey – If an existing survey is supplied by seller to buyer (paragraph 6.C.), the survey should be supplied along with an affidavit (T-47 form) which can be obtained from the Texas Department of Insurance website.
- Financing – When third-party financing is involved, the seller may require the buyer for a pre-approval letter that states the buyerâ€™s specific offer as well as the time frame during which the buyer can execute the financing contingency. The contract should call for a sufficient earnest money check of at least 1% of the sales price.
Each of the above-listed items is important to know when facing the sale of residential property. As with any contract, additional aspects may need to be considered based on the singular nature of each transaction and such items can be handled by adding special provisions to the contract. It is always a good idea to hire a real estate lawyer in College Station Texas to assist during the contract phase especially if special agreements are involved!
Hoelscher, Lipsey, Elmore & Poole â€“ Real Estate Lawyers in College Station TX !
Need Real Estate Lawyers in College Station Texas? Call Hoelscher, Lipsey, Elmore & Poole, P.C. at (979) 846-4726 to handle your real estate needs!