Click on the links below for more information about buying and
selling real estate.
The main thing that distinguishes a REALTOR® from someone
who's merely licensed by the state to sell real estate is the
REALTOR® Code of Ethics, which requires REALTORS® to
put their clients' interests first at all times.
The REALTOR® Code of Ethics was first adopted in 1913 as
a voluntary document outlining the professional duties of membership.
The code became mandatory in 1924, four years after the Texas
Association of REALTORS® was formed. This was an era before
licensing was required in many states. Today, the Texas Real
Estate Commission is the licensing authority for agents and
brokers in Texas.
Holding a real estate agent's or real estate broker's license
does not make someone a REALTOR®. Membership in the National
Association of REALTORS® entitles licensees to use the term
REALTOR® on their business cards and in their marketing
materials.
Hiring a REALTOR® means you've retained someone who is
committed to continuing education, professionalism, and integrity.
The vast majority of REALTORS® participate in a local multiple
listing service (MLS), which gives you a distinct advantage
whether you're selling your home or looking for that special
property.
Buying a home or land can be one of the biggest purchases a
person could make in his/her lifetime.
Prices vary from state to state and region to region. This
year, more than ever before, people are investing in land and
so what is available today may not be available tomorrow.
When you enter into a contract there is earnest
money due at the time of the offer. Sometimes it is the entire
amount of the purchase or part of the purchase. You as a buyer
will get credit for this at closing, which generally takes about
30 days, but can be longer. This amount of earnest money is
set by the seller.
If you do not understand the contents of the contract, immediately
contact the real estate office that wrote the contract, or you
may have a personal agent/attorney that can go over it with
you.
Contracts may also have accept or reject
dates. You must accept and return the contracts by that date
or your contract will be void and canceled. So time
is of the essence. A faxed copy will usually be sufficient.
Make sure you initial each page on the bottom of the contracts
and sign where indicated on page 7 of the contract (unimproved
earnest money contract) other contracts will have different
page numbers.
Title companies do the rest. Check the history and all recorded
documents that pertain to this property you are buying. About
10-15 days after your contract goes to the title company, you
will receive a "title commitment." This is a draft
of what your final title policy will look like. Make sure your
name is correct and that any issues you may have questions about
are answered. At West Texas Realty, the broker will see the
commitment before the buyer and will be familiar with your commitment
as well.
After the commitment comes to you, the final paperwork from
the title company will be done. Make sure you have funds available
for the final purchase, which can be wired to the title company
or paid in form of cashiers check.
At closings, no personal checks are accepted. You have agreed
to purchase this property in the contract so make sure you are
available to sign papers and do final payment on that date.
If your closing is late, generally the broker or title company
will let you know in advance.
But remember, time is of the essence! Failure to close
will result in loss of earnest money. Owning real estate is
an opportunity that should not be taken for granted and should
be an enjoyment for years to come for you and for your family.
