When it comes to Real Estate, PLEASE ask Why questions. Here are some important things to know about Real Estate closings in Texas:
Why is it important to return all documents to the lender on time?
In order to process the loan and get through underwriting to meet the deadlines without closing delays, get your documents to the lender on time. Failure to do so can slow down the closing or put a back-up offer in the first place or cause a potential breach.
Why would someone need a Power of Attorney to close?
Depends on the situation of the parties to the contract. Perhaps one is a Pilot, Emergency Responder, an individual needs to travel for business and one party cannot promise to be at closing. The Power of Attorney is a good solution. In some positions, spouses have Power of Attorney set up prior to closing. However, the Title Company must approve the Power of Attorney prior to closing and POA must be recorded by the County Clerk before closing. Also, for your protection, the Title Company must be able to contact the buyer or seller via telephone on the day of closing to be certain you are alive and have not revoked the Power of Attorney.
Why is Tax information so important?
Before closing and during the title process, the seller needs to have paid taxes prior to closing and have no delinquent taxes on record.
Why is disclosing Marital Status important?
Accuracy to home ownership and who can and cannot sell is especially important. A lot can happen between the time a home was purchased until the date of closing. Such as divorce. Once I had a divorced person whose X had the same first name, spelled the same, and the other person kept the same last name but the X remarried to another person, also with the same first name, spelled the same. The closing was delayed. Producing and delivering a certified copy of the Divorce Decree to the Title Company is required prior to closing. A Death Certificate and a copy of the Will is required if there is a death between the original owners. In Texas, Homestead Laws applies. Texas is a community property state.
Why is asking Why crucial?
- Education
- Awareness
- Prevents risk
- Averts problems
- Intercepts mistakes
- Not asking why is not smart
- Increases probability of success
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