The Dallas real estate market is still doing well, and some sellers remain in the driver’s seat. But “buyers beware” when formulating your offers. There are absolute minimums that buyers should verify about the property. One of those minimums is title to the property.
Buyers should verify that the seller holds title to the property when formulating their offer. Because buyers will have issues verifying the title to property before they make an offer, they should make their offer “subject to my lawyer’s approval.” In Texas, a seller can only sell what s/he has title to. Because of this, it is imperative that buyers verify that the seller has title to the entire property.
Buyers can accomplish this without the assistance of an attorney, but not likely quick enough to meet Dallas’s real estate market constraints. Verifying the seller has title to the entire property requires more than a brief pursuit of the names on the deed to the property recorded in the real property records. It requires looking through the chain of title in the real property records, and it also requires looking through the district court records.
An experienced real estate attorney knows where and what to look for when looking through the chain of title and district court records. Additionally, it is necessary to look through the district court records to determine if the property has ever been subject to foreclosure, a probate proceeding, or divorce proceeding. An attorney will know whether a foreclosure was proper, the impacts of probating and not probating a decedent’s estate, and also the interaction of a community property and divorce.
Buyers may be eager in today’s real estate market, but they should take care to confirm the seller of the property holds title to the entire property.
If you’re considering making a cash offer on a property, the Harris Firm can help verify the seller’s title. Please feel free to contact the firm if we can be of assistance. (214)956-7474.
