A great opportunity for real estate investment exists in the Lone Star state of Texas. Whether you’re looking for a place to call home for the rest of your life, a place to start a family, or a place to rent out as an investment, the potential for a healthy return on investment (ROI), like everything else in Texas, is huge.
Buying or selling real estate in Texas is quite simple, as in many other states. However, every sane buyer in Texas should be aware of some of the restrictions and standard business practices associated with buying a home.
No. 1. Double agency is unacceptable
When one real estate agent represents both buyer and seller in a transaction, this is known as a “double agency”. Unlike many other states, Texas does not allow double agency.
No. 2. The norm for escrow is 30 days.
The agreement between the buyer and the seller is considered fully fulfilled if all the parameters of the agreement have been agreed and agreed upon by both parties. The escrow process officially begins at this point. The closing date can vary greatly from deal to deal and from state to state. As a rule, the terms of escrow in Texas last 30 days. However, this number can be reduced or increased as needed.
No. 3. Reports on the disclosure of information by the seller are required
The state of Texas obliges home sellers to disclose information about the structural integrity of the house. The seller is obliged to report any known problems with the property, including water damage or fires. This is also the norm in the vast majority of US states.
No. 4. Professional legal representation is not required
Texas is not like other states, which basically require separate legal representation of the buyer and seller at the negotiating table. This means that your real estate agent, lender and title company have a great responsibility to clarify any points of the contract that may be unclear to you before you sign it.
№ 5. All proposals must be submitted in writing
In Lone Star State, all offers for residential or commercial real estate must be made in writing. This is a great practice wherever you go, regardless of the requirements of the law or not, nevertheless, it is important in Texas.
No. 6. Winter is always the cheapest season for shopping
As in the rest of the country, spring is the peak of sales in Texas. Therefore, winter lists are usually made out of desperation. Due to this seasonal trend, sellers usually lower their asking prices during the winter months. Despite this, 2020 and 2021 have been exceptional (in many ways), and the housing market has not yet returned to the pre-pandemic level of activity.