Texas tradition dictates that sellers typically pay the title insurance premium at a real estate closing. It is the seller, after all, who warrants that the title is free and clear of title problems; it makes sense that such a warranty is backed up by a title insurance underwriter with the resources to cover a claim if a problem arises.
Divorces can be sticky—especially when it comes to shared property. Issues arise due to Texas community property laws, homestead and recording requirements—all while emotions run high and communication is broken. If you are assisting a client in the midst of a pending divorce, understanding the documentation and requirements of title transfer in divorce will help you prepare your clients for the road ahead. Here are a few of the more common title issues that can occur during a divorce.
In Texas, mineral rights are gold. With a booming oil and gas economy in the state and increased awareness of the value of these rights, real estate transactions can often become heated due to misinformation or misunderstandings.
You show a home to a buyer and they absolutely fall in love with the home—especially the bathroom mirrors. They make an offer immediately, and the transaction closes within a few weeks. Moving day comes and your buyers realize the master bathroom mirrors that they fell in love with are gone…weren’t they part of the home? Not necessarily.
A title endorsement is an addition or elimination of coverage to a basic title insurance policy. In some cases, endorsements can help further protect your client’s investment. For example, your buyer’s survey came back showing a fence situated within an easement. This is not covered in a standard Owner’s Policy of Title Insurance (“OTP”). However, an endorsement could add coverage for this situation.
Q: What is a Seller’s Disclosure Notice?
A: Seller’s Disclosure Notices are a way for residential buyers to have as much information as possible about the condition of the property before purchase. These disclosures require the seller to document any known defects or malfunctions as well as maintenance history to the best of their knowledge.