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Communication and education are two things the entire Texas National Title team values when interacting with our customers. Here on our blog, our president—Latra Szal—combines both ideas and provides her thoughts with our fellow real estate professionals in mind.
The Texas Real Estate Commission (“TREC”) has adopted several form changes for the TREC contracts that will become effective January 3, 2025. The forms will be posted online with TREC […]
Recently, the Texas Department of Insurance made some changes to the T-47 affidavit that become effective November 1st. TDI also created a second survey related affidavit that may make a realtor’s […]
This month we explore the differences between a condominium and a townhome as they are two distinct types of residential property with several key differences. What is the difference between […]
This month we wanted to focus on answering the questions that we get asked often. What is the effective date and what date should I put for the effective date on my […]
With August 17th approaching quickly we thought the chart included in this article would be helpful for realtors regarding form updates and new forms. Another important date to consider is June 24th which […]
In 2022 this paragraph was added to the contract to allow realtors to negotiate how to handle fixture items before going under contract and it’s very important that this be completed […]
In a previous closer’s corner we talked about FIRPTA and it’s affect on the transaction: Foreign Investment in Real Property Tax Act (FIRPTA) | Texas National Title FIRPTA, which stands for […]
In order to issue important title policy coverage to a buyer (or required coverage to the buyer’s lender) a title company either has to require a new survey for a […]
I. HOMESTEAD IN A REAL ESTATE TRANSACTION?The Texas Constitution makes a requirement that before someone’s homestead be sold or borrowed against, the owner and their spouse, must consent to the […]
Fin CEN: What is it?FinCEN is the Financial Crimes Enforcement Network (FinCEN) and it is a division of the U.S. Treasury Department. Geographic Targeting Order (“GTO”): What are those? As […]
We are often asked if a buyer can waive obtaining a resale certificate in the transaction. This month we will discuss reasons why that might cause trouble in a transaction. […]
Do you know why the following requirement is included in the TREC Contract? Let’s look at what FIRPTA doesThe Foreign Investment in Real Property Tax Act (FIRPTA), enacted in 1980, […]
As a real estate agent attempting to represent family members selling a property between themselves, there is a Texas specific nuance that is very important to understand before writing a […]
With changes in the market we are starting to see short sale transactions come back around so this article is intended to share some important details about the short sale […]
When your client has a federal tax lien filed against them it can be a confusing item to navigate to get to closing. A Federal Tax Lien (herein after called […]
WHAT IS A TITLE POLICY?One of the single most expensive transactions someone may enter into in their personal lives is often the purchase of real estate. Because of the significant […]
With rates being what they are these days we are seeing more and more inquiries aboutcreative financing methods so this month we will discuss some of the more common methods. […]
Fraud is certainly a subject that no realtor wants to hear about but lately there is a huge fraud scheme happening that everyone needs to be aware of. Our industry […]
The resale certificate is a due diligence report for the buyer that allows them to understand how their property is affected by being in a homeowner’s association (“HOA”). Obviously the […]
In this month’s Closer’s Corner we share information about title insurance. It is very important to the transaction and often quite misunderstood. What is title insurance?Title insurance insures against financial […]
What is an endorsement?An endorsement is something that changes the terms of the coverage in the title policy to the buyer or lender’s benefit. It is an attachment to the […]
It is not uncommon for a property owner to hold title in the name of a corporate entity. This can be a corporation, limited liability company, partnership or other entity […]
Listing fraud and seller impersonation has becomea very serious threat in the real estate community. Agents are getting deceived into taking listings from fraudsters and in some cases even going all […]
What is the difference and what should a realtor know? When a property is located in a PUD, MUD or PID there are disclosures that are required of the transaction and […]
TRUSTS IN GENERAL: What are they?Trusts in themselves are not legal entities which can own, manage or sell property. A trust operates through one or more trustees, who usually are […]
What is a Survey?A real property survey is a report that indicates the location of improvements relative to the boundaries of a property. A real property survey report generally contains […]
In previous Closer’s Corner articles we have discussed taxes and how they can affect your transaction:Property Tax Time Property Taxes This month we will specifically look at the Over 65 […]
One of the most important times in a closing is when the transaction finally funds! That is the time when ownership transfers from the seller to the buyer and there […]
What is it? When putting an offer together, realtors have the option of checking a box in the contract that could end up being very important to a buyer down […]
WHAT IS A TITLE POLICY? One of the single most expensive transactions someone may enter into in their personal lives is often the purchase of real estate. Because of the […]
If you’ve ever received a title commitment back from your title company showing a requirement related to a divorce for your client you’ve likely wondered why there are additional requirements […]
What is an HOA? A homeowner’s association (HOA) is an organization in a subdivision, planned community, or condominium building that makes and enforces rules for the properties and its residents. […]
This past legislative session saw the enactment of a few bills that can affect the real estate transaction. Below is a brief summary of each one. Senate Bill 1588: Resale […]
In a previous Closer’s Corner we talked about what happens to a property when an owner dies without a will: www.texasnationaltitle.com/article/deathandsellingproperty In this Closer’s Corner we are going to discuss […]
In earlier Closer’s Corners we’ve discussed the big change as to option fees in the new contracts: https://texasnationaltitle.com/article/option-money-and-contract-changes Let’s now look at how HOA fees are handled in the new Addendum […]
In our February Closer’s Corner we talked about the big changes to the TREC contract, most specifically the change that now directs option money to be deposited with the title company. www.texasnationaltitle.com/article/contract-changes […]
AN UPDATED CONTRACT IS BEING INTRODUCED IN FEBRUARY 2021 During the November 2020 quarterly meeting of the Texas Real Estate Commission (TREC), several rule changes were proposed and form changes were […]
As the population of Austin continues to grow we are seeing more and more developers who want to maximize space on lots. A very popular way to do this is […]
If you have clients that buy properties at a tax foreclosure there can be some hidden issues that they need to be aware of for their purchase. Tax Foreclosure: A […]
Another Reduced Contact Closing Option The COVID pandemic has affected how real estate transactions are handled and many of your clients want to have reduced contact closing options. We have […]
TITLE COMMITMENTS: WHAT ARE THEY?A commitment for title insurance (“Title Commitment”) provides a buyer and lender with terms and conditions for how the final title policy will be issued. Title insurance offers protection for […]
Every year when the taxes come out we see a lot of confusion between buyers and sellers about how those taxes affect their transaction. Since one of our taxing authorities […]
What is a Power of Attorney?A Power of Attorney (hereinafter “POA”) gives another person the authority to make personal and financial decisions on the principal’s behalf. A POA can cover […]
The need for a guardianship in a real estate transaction can arise in several ways. If someone in title is a minor child (likely through inheritance) a type of guardianship […]
Realtors are often asked by clients if they can deed a property they bought into a company or trust they own after closing. You should be aware that doing so […]
A Federal Tax Lien (herein after “FTL”) is a lien filed by the Internal Revenue Service for unpaid taxes. Below are 10 fun facts for how an FTL can affect […]
In this month’s Closer’s Corner we review the top items that can occur that run the risk of delaying your closing. T-47 & Survey Matters When the title company […]
I. WHY DOES IT MATTER IF A PROPERTY IS HOMESTEAD IN A REAL ESTATE TRANSACTION?The Texas Constitution makes a requirement that before someone’s homestead be sold or borrowed against the […]
When a contractor performs work on a property they gain the right to file a lien affidavit if they are unpaid. The mere fact that they worked on the property […]
In the April 2021 contract changes Paragraph 4 was added to the contract to address different leases that could be applicable to the transaction. The one covered in this article […]
When there has been a death in the chain of title, the transaction can be very complex. If not handled properly a realtor could find themselves with some serious issues. A […]
Last year TREC promulgated a new form that allows a buyer to alter the existing Third Party Financing Addendum. The Third Party Financing Addendum permits a buyer to cancel the […]
What is FIRPTA? The Foreign Investment in Real Property Tax Act (FIRPTA), enacted in 1980, requires foreign persons to pay U.S. income tax on the gains they make from selling […]
How Real Estate Industry Professionals Can Avoid And RespondIt has become a sad truth that our current situation has created the prime opportunity for hackers to exploit fear, isolation and […]
Solutions & Precautions For Real Estate Transactions in a Time of Crisis As we navigate each day together during this difficult time, we’re all finding ourselves quickly adapting to change […]
Many developers and real estate investors seeking to maximize lot space are interested in taking a single family lot and converting them into two (or more) unit condominium buildings. This […]
Congratulations! Your file has made it to the closing table and all parties have signed. Now what?? Many buyers and sellers come to closing with misconceptions about what they think […]
THE BASICS Taxation of real property in Texas is controlled by provisions found in the Texas Constitution and the Texas Tax Code. Because taxes are based on the assessed value […]
An endorsement is something that changes the terms of the coverage in the title policy to the buyer or lender’s benefit. It is an attachment to the policy that generally […]
I. WHY DOES IT MATTER IF A PROPERTY IS HOMESTEAD IN A REAL ESTATE TRANSACTION? The Texas Constitution makes a requirement that before someone’s homestead be sold or borrowed against […]
PRIVATE TRANSFER FEE: WHAT IS IT? A private transfer fee is a fee that must be paid each time a property is sold. In general there can be two types […]
RIGHT OF FIRST REFUSAL: WHAT IS IT? A right of first refusal (ROFR) is a contract that gives one party (we’ll call them the “ROFR holder”) the right to be the […]
This month we wanted to focus on answering more questions that we are frequently asked. Below are a few of the most popular ones we’ve received recently. WHAT IS […]
This month we wanted to focus on answering the questions that we get asked often. What is the effective date and what date should I put for the effective date […]
Wire fraud has become rampant in our industry. The FBI has estimated that there are over 4,000 hack attempts per day nationwide. According to the Financial Crimes Enforcement Network (FinCEN) […]
One of the single most expensive transactions someone may enter into in their personal lives is often the purchase of real estate. Because of the significant investment involved in a […]
An endorsement is something that changes the terms of the coverage in the title policy. It is an attachment to the policy that generally offers more coverage from what is […]
The Texas Real Estate Commission adopted changes to the mandatory contract forms in February. The updated forms are available for use now and become mandatory for use May 15, 2018. […]
DISCLAIMER: The material contained herein is for informational and educational purposes only. It should not be used as a substitute for legal advice. If legal advice is required or desired, the services of a competent attorney should be sought. Except as noted or contained in any third party links, the contents of this document are the property of Texas National Title, Inc. Reproduction without prior written permission from Texas National Title is prohibited.