There is no denying that the process of purchasing a new home in Dallas is an exciting one. Such excitement may prompt you to want to rush into putting a property that you think is your dream home under contract with the hopes of completing your purchase as soon as possible. Yet many clients have come to us here at Palmer & Manual PLLC in your same position without first thinking about what protections they may want to place in their purchasing contracts to help keep them from making a potentially port decision. Such additional thought need not deter you from pursuing a property, but rather ensure that you are getting what you think you are paying for.
Putting a home under contract
With all of the excitement that comes with searching for a new home in Dallas, one might start to wonder people say buying a home is such a stressful process. Finding a home certainly can be fun; actually buying it can be a different story. Many think that the hardest part of the entire process is putting an offer in and having it accepted. Oftentimes, however, it is at that very point when the stress truly sets in.
What is title insurance and do you need it?
When buying a home or any real property in Texas, you may have an offer to buy title insurance. This is an expensive line item charge on the Closing Disclosure or Closing Statement charged by the title company. You should make sure that you understand what this is, how it works and why you may want to get it.You also need to get information so you can make an informed decision about buying it.
Legal considerations regarding real estate transactions
Every real estate transaction involves a significant number of legal issues. Every risk can be analyzed as either high or low probability and a high or low expected cost. For commercial transactions, nearly all legal decisions involve a high expected cost. For residential transactions, most decisions carry a relatively low penalty. The pivotal decision is knowing when to hire an attorney to protect your interests and when to rely on "your gut."
Implied warranty in Texas real estate
Prior to the 1960s, Texas was a state, which meant that it adhered to a "buyer beware" policy in real estate transactions. However, in 1968, the Supreme Court of Texas expressed its distaste of the caveat emptor doctrine when it comes to the sale and purchase of a home, stating that it did not placate the demands of justice.
