Tracee McRight

Buyers and Sellers always seemed to be obsessed with the price of a home when writing or reviewing a contract. Other factors are just as important. After choosing the right Agent and Mortgage Broker, the next most important thing is the Title Company. While title policy rates are promulgated (set) by the Texas Department of Insurance, the cost of the title company (or attorney) to do the work varies greatly as do the extra (junk) fees. I once had a title company charge me $50 to overnight a package when I lived right across the street and could have walked there to pick up the documents. Again, it's not just about money, the timeliness and accuracy of the work that the title company does is super important. There are many critical dates in a contract that you must pay close attention to avoid losing money or being able to get out of the contract if you need to. The Real Estate Settlement Procedures Act (RESPA) Section 9 specifically addresses the issue of choosing a title company in real estate transactions. According to RESPA, a seller cannot require a buyer to purchase title insurance from a specific title company as a condition of the sale when the transaction involves a federally related mortgage loan. This means that if the seller mandates the use of a particular title company, it violates Section 9 of RESPA. However, there is an important nuance to this rule: if the seller pays for all the title insurance costs (both the owner's and lender's policies), they can select the title company. In Texas, where it is common for the seller to pay for the owner's title policy, the buyer is generally allowed to choose the title company, unless the seller is covering all related title insurance expenses without passing any costs to the buyer indirectly. If the buyer is asking the seller to pay for the title policy, the buyer typically retains the right to choose the title company. This is to prevent the seller from indirectly imposing additional costs on the buyer through their preferred title company. This principle is reinforced by RESPA to ensure that buyers have the freedom to choose their service providers without undue influence or economic coercion from the seller. Remember, who pays title is always negotiable. Did you learn something new?

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𝗠𝗮𝗿𝗸𝗲𝘁 𝗨𝗽𝗱𝗮𝘁𝗲: 𝘈𝘳𝘦 𝘞𝘦 𝘪𝘯 𝘢 𝘉𝘶𝘺𝘦𝘳’𝘴 𝘔𝘢𝘳𝘬𝘦𝘵? Austin's real estate market is approaching a more balanced state, providing opportunities for both buyers and sellers. Properly priced homes are still going under contract and see the bulk of buyer activity. 𝗞𝗲𝘆 𝗧𝗶𝗽 𝗳𝗼𝗿 𝗕𝘂𝘆𝗲𝗿𝘀: Submit appropriate offers that reflect the market value. Lowball offers are generally unproductive. Want to learn more about prepping your home for sale or market values? Give us a call! Our team is ready to help. 📱: 512-537-9629 📧: info@bainresidential.com 🏡: www.bainresidential.com #RealEstate #AustinRealEstate #MarketUpdate #HomeBuying #HomeSelling #RealEstateTips #BalancedMarket #HouseHunting #PropertyInvesting #RealEstateAdvice #AustinPortfolioRealEstate #BainResidentialGroup

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Here are the latest housing market statistics for Magnolia, TX! If you'd like more detail on the market, what's available or how much your home might be worth, let's set up a meeting to discuss! #houseexpert #house #home #realestate #realestateagent

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Boost in deals: a market overview in real estate - "Unlocking Opportunities and Navigating Trends in the Real Estate Landscape!" 🤙 www.massive.capital \#MassiveCapital \#RealEstateTrends \#InvestmentStrategies \#Texas

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These are 5 things that you will have to pay during your transaction while buying a home in Texas! #robtxrealtor #buyingahome #texashomebuying #texasrealestate #dallasrealestateagent #downpayment #earnestmoney #homeinspection #optionmoney

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Houston's Gen Z to drop over $135,000 on rent by age 30, new study says Contact me to discuss the latest scoop in real estate! #everybodylovesawinner #primerealestatenetwork #realtor #dreamhomes #homebuyers #realestateagent #homesofinstagram #homesearch #realestateinvesting #housingmarket

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NAR Predicts Rent Decline in 2024, Interest Rates to Follow #californiamortgagelender #texasmortgagelender #homeownership #mortgagelender #firsttimehomebuyers #realestate #homebuyers #properties #homesearch #housingmarket

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