Real Estate Purchasing and Selling
Large sums of money are transferred through the purchasing and selling of real estate. To best protect you and your rights for both the seller and buyer, a Texas real estate attorney can help you have a smooth and fair transaction.
A contract, or agreement, must be made in writing in order to sell or buy real estate. Both parties are to sign that agreement and should address the following:
- Purchase price
- Closing and possession dates
- How title will be taken
- Terms of payment
- Any personal property to be transferred
- Accurate description of the property
- Real estate transfer tax proration
Once the contract has been written and signed by all the involved parties, a current abstract of title must be obtained, which is commonly considered the seller’s expense and obligation. An abstract of title should show the merchantable title in the seller’s name, as well as any sort of exceptions to a clear title. Those must be removed before closing on the sale; any exceptions that are not cleared may force the closing date to be extended. Having a trusted and skilled attorney by your side can help you ensure that no issues arise, and you have a successful transaction.
A warranty deed may also be used by buyers to take a title to the property. Three warranties that are included are:
- No liens, clouds, or encumbrances are to affect the title
- The seller has sole and a merchantable title to the property
- If there is a breach of any of these warranties, the seller is to defend the buyer’s title
Real estate transactions such as purchasing or selling property can be complex and time-consuming to those with little or no legal experience. Our Texas real estate attorneys at Esani & Momin have years of experience helping clients to have successful transactions and are ready to help you do the same. Contact our office today to discuss your available options or schedule a case consultation.