From “Ask the Realtor” – May 12th, 2017
Q: Who is TREC?
A: TREC stands for Texas Real Estate Commission, the licensing body for real estate agents in the state of Texas.
Q: Where does earnest money go when I make an offer on a property?
A: Once your offer is accepted, your real estate agent will take the earnest money check to the designated title company where it is receipted and help in an escrow account until closing.
Q: Who picks the title company?
A: Choosing the title company for closing is a negotiable decision between the buyer and seller. Normally, the person who pays for the title insurance policy decides which title company to use.
Q: Can we use any old survey?
A: It is possible to use an existing survey if certain conditions are met. A T-47 Affidavit is used to disclose whether any changes have been made to the permanent property. The final decision on using a previous survey is ultimately made by the lender and the title company respectively.
Q: What if I am out of town on the contract’s closing date?
A: The closing date on the contract is an “on or before” date so you are able to close anytime before the designated date as long as the loan and title paperwork are ready.
Q: When is a contract considered “valid”?
A: An offer is considered accepted as a valid contract when both the buyer and seller have signed and all changes are initialed by both parties.
Additional information from TREC 1-4 Family Residential Contract.
If you would like to learn more about this topic, give us a call at 512-756-2775.