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Law Offices of Sherrie R. Abney - Fee Attorney for Stewart Title Company

 

 

For Sale By Owner

Found a Buyer? Found a Home to buy?

What's Next?

Now that you have decided to buy or sell real property on your own, what happens between the time you find a Buyer/Seller and closing?

1. Contract (agreement to convey): When the fully executed contract is received the process begins (Deliver contract to 2840 Keller Springs Road, Ste. 204, Carrollton, Texas 75006 or fax to 972-417-9655.

2. Earnest Money (deposit): Most Sellers require a small payment to show good faith by the buyer. This money should be forwarded with the contract and will be deposited in an escrow account until the transaction is completed.

3. Loan Application: Unless the transaction is cash, approval of the Buyer's loan application will generally be dependent on a credit check, property appraisal, and survey.

4. Taxes: Various assessor-collectors are contacted to determine if taxes are delinquent and what exemptions, if any, are currently claimed.

5. Title Search: Copies of documents from various public records including deeds, deeds of trust, assessments, liens, matters of probate, heirship, divorce, and bankruptcy are examined to verify the legal owner and any debts encumbering the subject property.

6. Resolution of title problems, if any;

7. Miscellaneous: Checking for homeowner's association dues, home warranty contracts, and termite inspections.

8. Document Preparation: Appropriate forms are prepared for conveyance and settlement.

9. Settlement (Closing): An Escrow Agent oversees the closing of the transaction. (Escrow Agents are disinterested third parties who do not represent Buyer or Seller.) The closing consists of the following:

  • Seller signs deed;
  • Buyer signs new mortgage;
  • Old loan, if any, paid off;
  • New loan, if any, established;
  • Parties performing services for the transaction are paid; and
  • Title insurance policies are issued to Buyer and Lender.

10. Financial Protection: Owner and Lender are assured financial protection against any adverse claims or risks not discovered prior to closing. If you later refinance or take out a home equity loan, your lender may require you to purchase a title policy for the new loan; however, your title insurance policy remains in effect as long as you own the subject property.



Law Offices of Sherrie R. Abney - Fee Attorney for Stewart Title Company

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