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 betw