Selling a Home In Texas

Texas is the second most populous state in the U.S. with 22.8 million inhabitants. The state is an attractive place to live in because of the presence of various schools and its growing biomedical, energy, manufacturing and aerospace industries.

As for its real estate industry, the local housing market  continues to be strong. Low costs of housing in Texas are enticing new residents and investors. This, despite the 40% rise in the number of occupied homes put up for sale in the entire United States.

Priority should be given to how your home looks because many buyers often rely on first impressions. Be sure to do some general cleaning in your home, both outside and inside. Repaint walls if needed, arrange furniture and other appliances properly including those in your attic and basement and provide more space. Don't forget to have defective parts of your home repaired as well. Do that before the buyers or home inspectors themselves find out.

Keep in mind that a seller who fails to reveal the defects of his or her home can be sued in court. He or she may then be obliged to shoulder the repair costs or, in worse cases, may be ordered to withdraw the property if a judge decides that the sale was invalid for failure of the seller to reveal the defects. You may also be made to pay the lawyer's fees of the buyer as well as damage cost if fraud is proven during the sale.

The Offering Price

In setting the sale price of your home, consider the age and condition of your house, the repairs that need to be done, the values of the homes in your area increasing or depreciating, the prices of the other homes sold in your place and the number of homes up for sale in your neighborhood.

If a certain buyer is seriously interested in your home, he or she will give you a written offer to buy your home. This document is called a "purchase agreement" which specifies the terms and conditions for transfer of a property. If you do not totally agree to the buyer's terms, you can provide a counter offer which may include a higher buying price, excluding some items in the sale, giving more time to the seller's family to move out from the house, a clause authorizing your lawyer to approve the contract and one on liquidated damages stating the amount the buyer should pay in the event he or she backs out of the transaction due to reasons not included in the contingencies of the contract.

You have the freedom to propose several counter offers. But be careful not to accept more than one offer because you will be legally forced to sell your home to two buyers if that happens. Experts suggest to use a standard counter offer form stating that the counter offer has to be signed by the buyer before you, as the seller, accept it.

The Real Estate Contract

Real estate deals especially one involving the sale of a residential property requires the signing of a written land contract between the seller and the buyer. The buyer then is provided time to get the needed financing to purchase the home and conduct a home inspection. Consult your lawyer about contract details especially if you decide to let your attorney approve such document.

A Real Estate Contract normally includes the buyer's purchase price, amount of down payment, the time given to the seller to respond to a buyer's offer, the closing date of the sale and the date the buyer will move in to the house, the person responsible for holding the money, items to be included in the sale like carpeting, appliances, lighting fixtures, items excluded from the sale, a legal description of the property, a guarantee that the seller owns a clean title, will pay for the utility bills, property taxes, insurance and other expenses until the closing date.

An inspection clause is also stated allowing for the home to be checked by professional inspectors. Other provisions included are on the mortgage contingency that will allow the buyer to be freed from the offer if he or she fails to secure a loan and one that will require the seller to pay a certain amount if he or she fails to move out of their home after the date of occupancy agreed (this is covered by the liquidated damages clause).

*** Some information provided on this page is from LegalHomeForms.com an informative website for both buyers and sellers nationwide****