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The residential real estate industry in Texas is unique in that the real estate sales contract forms used in most transactions in the state are developed through a state agency, the Texas Real Estate Commission (TREC). TREC's Broker-Lawyer Committee develops standard contract forms and addenda which are promulgated by the Commission.
Land contract. A land contract, (also known as contract for deed or agreement for deed ), is a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments. Under a land contract, the seller retains the legal title to the property ...
Home sellers are responsible for paying their own agent’s commission fee as well as their buyer’s agent’s. These usually total somewhere between 5 and 6 percent of the home’s sale price ...
Under the statute of uses, modern real property law disregards this subtle distinction. [citation needed] A bargain and sale deed is especially used by local governments, fiduciaries such as executors, and in foreclosure sales by sheriffs and referees. [citation needed] The fact that it comes without any warranties from the government means ...
This time, usually just a few days, gives either party the chance to back out of the contract if their lawyer notices a problem. Coming to a mutual agreement: In some cases, simply asking the ...
Key takeaways. Real estate transfer taxes are a one-time fee imposed by state or local governments on the transfer of property ownership. The cost of transfer taxes varies by location and is based ...