BUYER TIPS

  • Who is the new Lender and contact person?
  • Who is the Homeowner's Insurance Agent and their phone number?
  • Has the Termite Inspection been completed? By whom? Paid Yes/No? Invoice Amount?
  •  If closing with a Power of Attorney, the Title Company and the Lender will need a copy of the Power of Attorney prior to closing for approval and the original at the time of closing for recording.
  • A Cashier's check will be required payable to the Title Company for Closing cost.What is the Buyer's daytime telephone number?
  • Will the Buyer(s) be present for the closing or will the closing papers have to be Fedex or UPS delivered? If so, provide the address for overnight delivery.

SELLER TIPS

  • Who are the lien holders on the property?    Institution Address, Phone number and Loan number.
  • Does loan require a 30-day notice of intent to prepay?   Have you given that notice?
  • Are there any Federal tax liens and/or judgments against Seller(s)?
  • If property has been inherited, has a Will been probated? If yes, include County, approximate date and case number.
  • Was property acquired through divorce?   If yes, include county, approximate date and case number.
  • If closing with a Power of Attorney, the Title Company and the Lender will need a copy of the Power of Attorney prior to closing for approval and the original at closing for recording.
  • Invoices for any repairs are required by the Title Company.
  • Home Warranty Company Name?   Amount?   Coverage?
  • Seller's Information:
    • Daytime phone number?
    • Address be after closing?
    • Will Sellers be present for closing or will papers have to be express delivered? If so, supply address for overnight delivery.

HOMESTEAD INFORMATION

A homestead must be either urban property or rural property. An urban homestead may be a home or a place of business, or both, so long as the urban residential homestead and the urban business homestead in the aggregate do not exceed one acre. There is no limitation of value on urban or rural homesteads, only of size. Rural homesteads are limited to 200 acres for a family and 100 acres for a single adult, which may be held in one or more parcels, with improvements thereon, and an urban homestead is limited to one acre, which may be in one or more lots, with improvements thereon.

A homestead property is a home owned and occupied by the head of the family and is protected from forced sale, except from liens validly placed thereon. Also, the proceeds of its sale are exempt for a period of six months after the sale. The only valid liens against a homestead are:

  • Purchase Money Liens
  • Valid Repair and Improvement Liens
  • Liens to pay off ad valorem or federal tax liens
  • Liens created in Owelty matters (divorces, etc.)
  • Valid home equity liens

If more acreage is owned than is exempt, the part claimed as homestead may be designated.

Where property is homestead, and the owner is survived by a spouse, minor children, or unmarried children residing in the homestead, it passes free of general debts of the deceased. Minor children or unmarried children, residing in the homestead have certain rights to continue occupancy and retain the homestead designation, even after the death of either, or both of their parents.

For information about homestead in Texas, please consult your Attorney.