Understand the buying and selling of a house in Texas.
Short and Sweet points:
- Realtors are not lawyers. (Rubicon Home Team is a team of Local Texas Realtors, not lawyers. Nothing should be construed as legal advice)
- The execution date is after all buyers and sellers sign and at least one agent receives a complete copy of that signed document.
- Executed contracts are sent directly to the lender and title company. This starts the clock ticking on all timelines. (option period, earnest money and option fee timeline in particular).
The previous paragraph dealt with option periods: Paragraph 23: Termination Option.
(Leveraging the option period is a GREAT way to get your offer accepted on a house that has multiple offers.)
Now is the last paragraph, reviewing your attorney and signing.
Let’s Dive in!
Paragraph 24. Real estate agents are not (usually) attorneys.
We are trained on these contracts and should be able to explain them reasonably thoroughly.
(With tons of ongoing learning to provide my clients with the trust they deserve during this process, The Rubicon Home Team takes pride in staying up to date in the ever changing Texas real estate legal mumbo jumbo, to provide the security for buyers and sellers!)
However for questions about non-promulgated amendments,
legal implications of certain actions,
and just about anything you are not comfortable with after reading the contract then you should talk to a lawyer.
Your friendly local Texas real estate team can help point you in the right directing if needed!?
You can fill in your lawyer’s information here.
Most often, I see agents leave this either blank or fill in “Buyer’s/Seller’s Choice”, respectively.
Lastly, if everything in the contract looks good, then it is time for the buyer or seller to sign! ?
Be sure you initialed all the previous pages,
Sign all addendums. (If any)
Texas allows e-signatures on its legal documents.
I, for example, use DocuSign to email these documents to buyers or sellers to digitally initial and sign – never even printing out the contract.
It’s also great because the client will instantly have a digital copy of what they’ve signed, instantly, right there on their computer, without having to print, copy or scan anything.
Page 9 of the real estate contract is the brokerage information and option fee/earnest money receipts.
These are important for the agents who are ensuring their information is correct, and can prove when they deposit the earnest money and option fee (usually a buyer will give these two checks to their agent who will deposit it for them).
However there are no signatures; a buyer or seller does not really need to worry about this page.
And that is it!
You are under contract!
It shouldn’t be scary.
Buying or selling a home is a major and complicated process.
Luckily, the Texas Association of Realtors has built, adapted and edited this contract after years and years of experience dealing with the real estate transaction, it is designed to protect both buyer and seller throughout the transaction.
Choosing a competent and educated agent to help you through the contracts is important as well.
Shameless promotion plug!
Myself and my team at Rubicon Home Team, are local real estate agents in the Southlake, Westlake, Keller, and many other Mid City area. So if you are looking to buy or sell in Southlake Tx. We’d be happy to point you in the right direction!
Even if it doesn’t mean signing with us. We still understand the importance of relationship in the community!
Looking to Buy a house? Click the link to see available houses for sale below ?
Looking to Sell your House?
See why now is a GREAT time to sell your house ?
Yes even during a pandemic,
The Texas real estate market is in your favor
Sell your Keller Tx House.
Sell your Southlake Tx house.
Sell your Westlake, Tx house.
Sell your Grapevine Tx house.