Texas Real Estate Closing
A real estate closing in Dallas or Texas is the final step in the legal transfer of ownership of property from the seller to a consumer.
No matter how complicated the terms of your Texas or Dallas real estate closing may seem, an experienced Texas real estate attorney can help you understand the various documents involved, and protect your interests throughout the process of buying or selling property.
Challenges Regarding Texas Real Estate Closings
It is important to know what to expect during real estate closings in Dallas and Texas in order to avoid last-minute impediments. Mistakes are often made due to not paying enough attention to the title report.
A title report explains issues that insurance cannot cover. Common problems that are found within the report include the following:
- Open mortgages that have not been taken care of properly: For example, federal tax liens, breaks in the chain of title, and missing assignment of mortgages are all signs that you and your attorney should contact the title agent before Texas or Dallas real estate closings.
- Not analyzing judgments against former owners who transferred title without consideration: Judgments like these are treated as judgments against the present owner.
Another problem that often occurs during real estate closings in Texas is lack of funds. Qualified real estate attorneys can assist you in understanding what fees you are responsible for, and when you must pay them.
What Happens at a Real Estate Closing in Texas
The day before you close, organize all the paperwork that you have been given. These documents usually include the following:
- Proof of title search
- Private mortgage insurance
At the closing meeting, a buyer is required to do the following:
- Sign documents: You need to sign an agreement between you and your lender regarding the mortgage terms, as well as an agreement between you and the seller that officially transfers ownership to you.
- Pay closing expenses: There are two ways that borrowers handle the many fees that come with getting a mortgage and transferring property ownership. One is that they can include all the fees in the principal balance of their new loan, or pay higher interest rates if the lender pays these fees. The second way is that the buyer pays these fees independently.
Contact us
If you want to buy or sell property our Dallas real estate law firm can help you navigate the difficulties of Texas real estate law. Serving clients in Dallas, Houston, and other cities, our Texas commercial real estate law attorneys can protect your interests. Reach out to Sprouse Shrader Smith P.C. for help with Texas residential real estate law or Texas real estate litigation today.
