Navigating the Stages of a Real Estate Transaction in Texas

 Posted on June 21, 2023 in Real Estate

In Texas, real estate deals go through several stages. Sellers and buyers need to know these stages to understand the process and feel confident while navigating the real estate market. We will examine the four primary phases of a Texas real estate deal.

Pre-Contract Stage

Preparation is key before a contract is signed in a real estate transaction. For sellers, this stage involves hiring a licensed real estate agent. The agent will complete a comparative market analysis to assess the property's value. Next, they will develop a detailed property listing. On the flip side, buyers generally cooperate with a realtor and may additionally have to secure financing from a lender.

Contract to Closing Stage

The next step involves the buyer’s agent presenting a written offer for the property. There may be counteroffers and negotiations, but once an agreement is reached, both parties sign the official sales contract. The buyer must provide earnest money funds submitted to the title company along with the contract. The title company orders a survey, reviews the title commitment for any problems, and provides the buyer and lender with the title commitment.

Closing Stage

During the closing stage, the deal is finalized. The title company schedules an appointment with the escrow officer, and the closing takes place. In this stage, the buyer’s lender approves the final loan, and the title company prepares closing documents. Finally, the transaction is completed with the distribution of funds. This is when the buyer pays for the property and receives the deed to the home.

Post-Closing Stage

Once all of the paperwork has been completed, a few tasks still need to be done. First, the title company must record the deed with the county recorder’s office so that it is public record. The real estate agents involved in each side of the transaction must also prepare closing statements and submit them to their respective clients. Any remaining funds due or owed are distributed, and the transaction is officially complete.

Contact a Texas Real Estate Lawyer

By following these steps, buyers and sellers can ensure they complete a successful real estate transaction without major hiccups or delays. Understanding all the steps involved in a property transfer can help both parties comprehend what needs to be accomplished and how long it should take, creating a smooth and effective experience. Contact a San Antonio residential real estate lawyer for a free consultation. Call Geoff Mayfield, Attorney at Law at 210-535-0870 to get started.

Source: 

https://www.trec.texas.gov/article/buying-and-selling-home-texas