What are the legal factors involving Escrow in Texas if I don't want to go through with buying of the house.
145624
Yes and no.  Have you already passed your attorney and inspection period?  Have you already gotten a mortgage committment from your Lender?  If you have answered "NO" to any of these questions then those can be your way out.  Look over you residential contract closely and review those portions of the contract.  If you dont want the house b/c of a negative inspection, the attorney is not comfortable w/ the contract terms, or you did not qualify for your loan under the terms stated in the contract then you may be able to get all monies from escrow.  If not, then you may lose escrow as well as owe penalty fees to your lender for processing the loan on which you defaulted.  Please retain an attorney or speak with your real estate professional.
580951
It is riskier for both... both parties are getting into a legal contract without the help of a professional. the seller risks not getting a good price among other things. the buy risks getting into something they cannot get out of, ie stuck with a crappy house they paid to much for. many agents will work with a buyer on a FSBO if the buyer goes through the agent befor seeing the house or if you have one that will work for a flat fee that is good to. good luck, i hope it all works out for you!
111538
With Texas' homestead exemption, they can't touch your house.  The exemption also covers one car per person, so if you're married, both cars are covered.\n\nWages are also exempt from garnishment, except in the case of child support.\n\nIncome that is not a wage can be garnished or ordered turned over to a receiver.\n\nBank accounts, rents and royalties can be garnished.\n\nExemptions include social security benefits.\n\nWARNING For individuals living in Texas who are paid from an out of state location, there is case law (Baumgardner vs. Sou Pacific 177 S.W. 2d 317) to support taking a judgment from Texas, domesticating the judgment in the foreign state, then filing the wage garnishment there. Many creditors have used this strategy successfully.\n\nWhat they can do is put the unpaid debt on your credit report which will lower your credit rating and make life a bit harder since these days, everyone looks at your credit rating, for example prospective employers, insurance companies (even for your car insurance rates), and banks and other creditors (for loans), and landlords (to help determine how reliably you will pay their rent/lease payments every month).\n\nThey can turn the debt over to a collection agency that within certain legal parameters can call and hound you often, making life a real hassle.  You can get rid of the collection agency by formally (in legaleze) telling them to quit calling but one way or another, the creditor can become a real hassle.\n\nSeems like if you hold out long enough, they could change their mind after a while and settle with you for a smaller amount.  You also might consider talking to someone higher up in the chain who might be a bit more agreeable.  I would also suggest you get a book on negotiation techniques.  One is to start out a lot lower than $5,300, then work your way up. Your first offer should always be at least double the distance between the initial debt and where you want to end up (no matter how outrageous) so you both can compromise to the middle.  And don't give in too easily otherwise they will probably regret their decision to compromise at the level they did and change their minds or try to pull a fast one on you in one way or another afterward.
828560
A quit claim deed is legal in Texas.  It's purpose is to simply say "I quit claiming any ownership in this property."  \n\nIf there was no will, but the parents' intent was to give the house to your brother in law, and your husband agrees that this was his parent's intent, then there should be no problem in signing.  If instead, your husband expects to get half the property, then don't sign.
639186
Most lenders will not lend on the property if the time remaining on the lease is less than the terms of the loan so there is that small reassurance.\n\nActually these purchases happen all the time; look at Palm Springs, CA. Much of that area is leased Indian Land and there have been no problems. I would think the new purchaser would have a real issue evicting a number of people from their homes; the banks would be all over them and by the time is finally wound it's way through the court you will most likely be dead and buried!\n\nDepending on the amount of development in the area your most likely safe however if the area is under developed or rural you may wish to speak to a good real estate attorney for their advice.\n\nKevin\nkruorock@firstratelending.com\n866-562-6838 x 106
928120
That will depend on what kind of transaction it is.  \nThey may include:\n - financing\n - earnest money\n - closing date\n - title issues\n - closing costs\n - price\n - down payment\n - inspection contingency\n - survey\n - zoning\n - future use\n - lead based paint\n - mold\n - insurance\n - temporary lease\n - extension\n - option period\n - non realty items\n - points (as they pertain to the loan)\n - warranties on appliances\n - ceiling fans\n - chandeliers\n - drapes\n - appraisal\n - flood zones\n - endangered species\n - septic \n - well\n - underground springs\n - deaths on the property\n - violent crimes on the property\n - schools\n - home owners association\n - highways\n - lawsuits\n - wills\n - heirs\n - deeds\n - encumbrances\n - clouds on title\n - easements\n - right of way\n - encroachments\n - termites\n - livestock\n - mean high tide\n - riparian rights\n - mineral rights\n - etc.\n - anybody think of others?\n\nThese are some of the things that could come up on a RESIDENTIAL real estate deal.  Commercial deals are of course more complicated.  \n\nDon't let the list scare you - your Realtor will know what things to address, what to look out for, and how to best help you in your transaction.
946640
By all means. Yes! however , I wouldn't be asking nor would I be demanding. The best approach is a non-confrontational statement of facts approach that goes something like this: Our lender has sent out his appraiser to your house. The dollar amount they are willing to lend does not provide sufficient funds for us to consummate the purchase of your house at the price we thought we would be able to pay. We still would love to buy your house but to do so we would only be able to pay "X". If this is agreeable to you please let us know ASAP as we will need to continue our house search if it is not.\nOh, by the way someone has removed part of the climbing wall that we had both agreed would remain and I have 3 estimates attached to this letter for what it would cost to put it back in the condition it was in when we reached our agreement. This also needs to be addressed either thru the replacing of the missing portion of the climbing wall or the retention of "X" dollars in escrow to cover the cost. Thank you. We look forward to hearing from you and hope we can work out these details speedily.\n\nDO NOT CLOSE ESCROW UNTIL YOU ARE SATISFIED. Everyone else makes money when you close. The seller, lender, Realtors, title company etc. YOU HAVE THE POWER TO HAVE IT YOUR WAY UNTIL YOU CLOSE ESCROW THEN IT ALL GOES AWAY.
822649
You have to deed the trust to the house. You may need to get permission from the mortgagee bank AND make sure that your TITLE INSURANCE policy still covers you: you probably need to get their written consent also, and perhaps pay them something.\n\nAlso: check on what effect the trust has on your HOMESTEAD RIGHTS in Texas, and on your property taxes.\n\nNormally when a trust deed is written, if it's not to be funded right away a small amount of money -- $1 will do -- is paid in.
966409
I don't know the section of the law, but last year I had to sign some legal papers pertaining to the sale of a house.  With my faxed signature, the process could proceed, but I had to mail the original to the attorney for it to be completely legal.  \n\nA real estate broker said that deals are done that way all the time.
1186688
Everyone's ones circumstances differ too much to find an answer to that question on here. You need to go talk to a lawyer in TX.
841481
All states, including Texas, offer a government sponsored first time home buyer program directed towards lower income buyers.  The buyer (or better yet ... the borrower) definitely needs to be a citizen.  If your credit is a mess, they usually offer credit counseling as a free service.  These government programs usually include down payment assistance in the form of a forgivable deferred loan (a loan you never have to pay back that goes away over a small number of years), which is much like a grant as long as you don't buy and sell your house fast.  Some states offer special interest rates too.  It usually works out to be a better than average deal if you can qualify.  I found the program for Texas in the link below.  Good luck!
205205
Let's take a step back here...\n\nI'm going to assume that you have met the following conditions:\n1. Counter-signed contract by both parties\n2. Cashed escrow check deposited by the seller (or escrow agent/title co, someone)\n3. As buyer, you did not default in any way by breaking any timelines, and are currently or were not in default under the contract terms and conditions, including current closing date.\n\nIf you have met these above conditions, the seller would be in default if they did not sell you the property.  In this case each state has specific remedies... along the lines of this:\n\n1. You'd set a closing date (probably set on the contract)...\n2. Seller does not close, therefore in default\n3. File a Lis Pendens (pending litigation)\n4. Begin a Specific Performance proceeding forcing the seller to close.\n5. If seller looses you are entitled court costs, and potentially damages (loss of locked interest rates) and the such.  The court will appoint a referee to handle the sale if the seller is still uncooperative.\n\nYou will want to hire a REAL ESTATE attorney.  Not attorney Bob down the street; make sure that they are real estate attorneys specifically.  There are many ins and outs.\n\nThe seller has probably had a change of heart because they have received another, higher offer while you were in contract.  In most cases they will back down if they know you are represented.\n\nGood luck...
1164354
Escrow is a legal arrangement whereby an asset (often money, but sometimes other property such as art, a deed of title, website, or software source code) is delivered to a third party (called an escrow agent) to be held in trust or otherwise pending a contingency or the fulfillment of a condition or conditions in a contract. Upon that event occurring, the escrow agent will deliver the asset to the proper recipient, otherwise the escrow agent is bound by his or her fiduciary duty to maintain the escrow account.\n\nNot all escrow agreements impose the duties of a legal trustee on the escrow agent, and, in fact, in many such agreements, escrow agents are held to a mere gross negligence standard and benefit from indemnity and hold harmless provisions.\n\nWhile escrow is best known in the context of real estate (specifically in mortgages where the mortgage company will establish an escrow account to pay property tax and insurance during the term of the mortgage), escrow companies are also commonly used in the transfer of high value personal and business property, like websites and businesses, and in relation to person-to-person remote auctions (eBay).\n\nEscrow is also known in the judicial context. So called escrow funds are commonly used to distribute the money after a cash settlement in a class action or environmental enforcement action. This way the defendant is not responsible for the distribution of judgment monies to the individual plaintiffs or the court-determined use (such as environmental remediation or mitigation). Defendant pays the total amount of the judgment (or settlement) to the court-administered or -appointed escrow fund, and the fund distributes the funds (often reimbursing its expenses from such the judgment funds).\n\nIn some jurisdictions, real estate brokers are considered to act as escrow agents when they accept deposits or earnest money for the purchase of real property. In many jurisdictions, the duties of such agents are codified.\n\nSoftware source code escrow agents hold source code in escrow just as other escrow companies hold cash.\n\nEscrow is also used in the field of Banking Equipment (such as Automatic Teller Machines - ATMs) and is the function which allows the machine to hold the money deposited by the customer separately, and in case he challenges the counting result his money is returned.
152614
Easments and other areas of property law vary by state.  You should consult a local real estate attorney.
1060061
Technically you hold title to the house until the day of the auction. Once the auction is complete either someone bought it, or it goes back to the bank. You'll probably have about 2 weeks give or take before someone comes over to secure the property. By that I mean they will change the locks, disconnect all  utilities, put stickers on the house advising that trespassing is illegal, etc.\n\nYou won't know  until you call the mortgage company directly.
34289
Escrows are like savings account. the twist is that its usually for a specific purpose. \n\nMost common ones are for property tax and insurance as part of your mortgage payments. They are added as part of your monthly payment. So, you pay a fixed amount every month. When the actual payment for the same is due then they take it out of this account to make the payment.
1020547
You can have it either way.  You just have to let your escrow provider know.