Ask yourself, what exactly do I want in an investment property? What type of property do I want? Why is it so appealing to me? How will I use this property? What are my short- and long-term goals for this property? If you can answer these questions regarding a potential real property then you are already a step ahead of the game.
Realtors are required to use a TREC form for the buy and sell of a property. But attorneys are not required to use this form. This form should only be used after review and modification of an experienced attorney. The contract should include the following: (1) a legal description of the property and a deed to be recorded; (2) the parties’ respective obligations, representations, warranties, and covenants; (3) each party’s responsibility for paying certain costs; (4) title and survey documentation; (5) a defaults and remedies provisions; and (6) the purchase price and terms of payment.
In addition to having your contract(s) prepared, a title insurance policy may be beneficial in the event of title issues. You may ask yourself do I really need title insurance? Purchasing real estate can be one of your largest investments. A title company will investigate the existence of liens, leases, easements, judgements, and other issues. We can refer you to an appropriate title company. The title company can be the “middleman” of the transaction for all parties to help close the deal.
Title company documents are not always perfect, which is why our real estate lawyer review closing documents for buyers of real property. If we can be of any assistance throughout the transaction, do not hesitate to contact us. We welcome you to call us at 713-572-4900.