THE PROCESS OF BUYING A HOME CAN VARY FROM ONE STATE TO THE NEXT. REGARDLESS OF WHERE YOU'RE MOVING FROM, HERE ARE THE TOP 5 THINGS YOU WILL NEED TO KNOW ABOUT BUYING A HOME IN TEXAS.
1. You will not be required to have an attorney.
Unlike some states, Texas does not require that buyers involve a lawyer in the house-buying transaction. The rules allow for licensed real estate brokers or agents to fill out and complete standardized documents related to the sale of real estate in Texas. The forms are made available by Texas Real Estate Commission (TREC). The real estate agents use these standard forms in real estate transactions. That's not to say you aren't advised to consult an attorney (or accountant, or other professional), just that you aren't required to hire one. Once your purchase offer is accepted, a file (escrow) is opened at a Title Company, and your earnest money check is deposited. The Title Company will handle the transfer of title and funds, and collect the Buyer's and Seller's signatures on the necessary documents.
2. The average home purchase takes 30 days from contract to keys.
There can be exceptions. Short sales may take months to get approval from the bank who owns the property, and cash transactions can close in about two weeks. Other factors can affect a typical timeline, by a couple of days or weeks. Often an agreed-upon closing date can be adjusted with the permission of both Buyer and Seller, but don't just assume closing can always be extended. There may be a deadline on either side of the transaction that, if missed, could jeopardize the sale.
3. Seller Disclosure Requirements in Texas
Texas State law requires sellers of real estate to make a number of specific disclosures regarding the condition of the property, containing all of the information set forth in the Texas Real Estate Commission disclosure form. This is important for buyers, since just looking at a property may not be enough to tell them what problems its owner encountered with it while living there. The number of days in which this form will be made available by the seller is negotiated between buyer and seller in the purchase contract. The form requires the seller to list various features and equipment contained in the home and to state whether any known defects exist. There are also several things that are not required by law to be disclosed (Is this house haunted?). Your Agent can go over those items so you can determine if any of them are of particular concern to you.
4. You can negotiate the number days to get home inspected
The number of days for inspection are negotiation between the buyer and seller and are specified in the purchase contract. This period is called option period in Texas and the buyer has to pay the seller some amount of money which is again negotiated between two parties. You should always have the home inspected by a home inspector. If there are any specific areas of concern, such as roofing or plumbing, have a licensed contractor in that field also perform an inspection. The inspection period is also the time to check out the neighborhood and anything else that may affect your desire to purchase the home.
5. You will get your keys when you sign your closing documents.
Once you sign your documents at the title company, they will send your signed loan documents back to your lender. Your lender will transfer the purchase funds to the title office, who will distribute the funds. Once the funds are disbursed, you will get the keys to their new house from the title company. After the closing, the title office will then submit your deed to the County Recorder's Office to be recorded. Upon confirmation, the title office will notify everyone the sale "has recorded." The recording process is all done electronically, typically in a few days.
Purchasing a home is a complex transaction, and this is, in no way, meant to be a comprehensive overview of the process, or of any of these steps. They simply seem to be the top 5 differences Buyers who own or have previously owned property in other states encounter when they purchase property in Texas.
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