When you're under contract with a Residential Real Estate transaction in the State of Texas, do you know what to look for? All you have to do is remember the acronym A, B, C, and D and then review each section for accuracy carefully. If anything is not right, or you have questions, you should contact your Real Estate Agent or the Title Company directly. Are you ready? Let's get started!
A - Actual Facts (Buyer)
- This reflects your name. Is it spelled correctly?
- Sales price. Is the sales price accurately reflected?
- Lender. Does the Title Commitment show the correct lender and loan amount?
Note: The information may not be available at the time the Title Commitment is issued.
A - Actual Facts (Seller)
- Are the names the same as when you took title to the property?
- Have there been any life changes since you took title, i.e., marriage, divorce, etc.?
- Is the sales price of the property accurately reflected?
B - Buyer Notification. This reveals all exceptions to title.
- Buyer reviews all matters reflected under Schedule B. These are and will remain as exceptions to your title. For any questions, call the Title Company.
- Accept or reject matter shown in accordance with the terms of your contract.
B - Seller's review.
- Buyer may object to matters shown in schedule B.
- Seller may have an opportunity to cure any matters objected to by Buyer, per the contract.
C - Clear to Close. All matters on schedule C must be resolved prior to closing.
- Existing mortgages and liens
- Probate and vesting issues
- Marital stats
- Abstracts of judgments
- IRS tax liens
Buyer:
Review and call the title company if you are concerned about timely resolution of the matters.
Seller::
Review and provide the title company with all the information necessary to resolve the matters on or before closing.
D - Disclosure
This discloses information as to the entity insuring the title and cost of the insurance.
Please note this information is being provided as a courtesy and does not constitute legal advice.
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