Closer's Corner

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Death and Selling Property

Thu, 09/30/2021 - 11:44am

When there has been a death in the chain of title, the transaction can be very complex.  If not handled properly a realtor could find themselves with some serious issues.  A realtor’s best bet is to have a general working knowledge of the issues and then partner with a knowledgeable title company that can handle the transactions properly.    

Transferring Title to an LLC or Trust After Closing

Wed, 07/14/2021 - 11:33am

Realtors are often asked by clients if they can deed a property they bought into a company or trust they own after closing.  You should be aware that doing so may void their Owner’s Title Policy coverage.   

There is a solution for your clients that want to transfer ownership and also extend their Owner’s Title Policy coverage to the new owner as long as certain parameters are met.  

Right to Terminate Due to Lender’s Appraisal

Mon, 06/14/2021 - 9:58am

Last year TREC promulgated a new form that allows a buyer to alter the existing Third Party Financing Addendum. The Third Party Financing Addendum permits a buyer to cancel the contract up to 3 days prior to closing if the property does not appraise for the sales price.  The new Addendum Concerning Right to Terminate Due to Lender’s Appraisal can be used to eliminate this cancellation contingency.  This form should only be used if the Third Party Financing addendum is being used and it cannot be used on FHA or VA loans.  

Comdominium Conversions

Thu, 01/14/2021 - 1:53pm

As the population of Austin continues to grow we are seeing more and more developers who want to maximize space on lots.  A very popular way to do this is to tear down an existing single family residence and replace it with a two (or more) condominium project.  You might also see someone that owns a duplex or other multi-family building convert these properties into condominiums.  

Both of these options allow for the units to be sold separately to different buyers so that the seller can increase the number of units they have available to sell.  

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