What is Title Insurance?
Title Insurance gives you assurances to your properties public record history. Who holds title, what liens are attached to the property and numerous other discoveries can be made with a thorough public records search. The Texas Department of Insurance sets policy language, prices, and regulations. If title is challenged the title insurance company has several options to fulfill its obligation to the insured under the title insurance policy. The maximum liability under the policy is limited to the amount of insurance shown in the policy. Generally, this will be the sales price, for the Owner’s policy and the loan amount for the Lender Policy.
Who do I make the Earnest Money check out to?
The Earnest Money check is written out to the title company’s name on the contract. The title company can be found under item #5 Earnest Money in a Residential Contract.
Is my spouse required to sign the deed if I bought the property before I married?
In Texas, when a married couple occupies a house as their primary residence, it is considered marital property and the signature of both spouses is required to deed the property to a new owner, even if only one spouse initially acquired the property. It is best practice to also have both spouses sign the contract for sale since both are obligated to join in the sale of the property.
What do I need to bring to closing?
Both Buyer(s) and Seller(s) need a government issued photo i.d. Any funds for closing over $1500 needs to be in the form of a cashiers check or wire transfer. There might be other items required of you but these are the basics. And if you are still unsure do not hesitate to ask!
Can I write a check for my closing costs?
Unless you owe less than $1,500.00, the State of Texas requires that you pay with either a cashier’s check or by wire transfer. Always get verbal confirmation of our wiring instructions from your escrow officer before initiating your wire.
Will I get copies of my paperwork after closing?
Yes, we always give everyone their copies. We can do hard copy, mail or send via encrypted email.
I never received my tax bill.
You have the burden of locating your bill and making timely payment of your property taxes. It does not matter whether the bill was mailed to the wrong address or even has the wrong name on it.
If you do not receive your property tax bill by the end of October, go on-line and look it up on the taxing authority’s website.
Should I use a real estate agent?
Yes. The purchase of a home is one of the biggest investments a person makes in their lifetime and a skilled and licensed professional can help you navigate through the process which is often times confusing and daunting. A Realtor provides their professionalism to decipher contracts, communicate your needs and maintain contact with everyone involved throughout the process. Realtors also have relationships with third parties such as title companies, lenders, inspectors, and home warranty representatives so their vast network is a valuable resource. The best way to find a Realtor is by asking around. Friends and family are an excellent resource and a great place to start!