Business-Minded Legal Solutions

Things to consider before buying property in Texas

Regardless of what you intend to do with a piece of property, the process of purchasing real estate in Texas is usually the result of a series of calculated decisions. Everyone involved in the process wants to get the best deal they possibly can and some people are willing to cut corners.

Because of the potential risks involved, it is wise to go through the process of purchasing real estate cautiously, verifying all of the information you can. As you work to get the best deal you can, there are some things you should keep in mind.

Know who has your best interests in mind

Some brokers and/or salespeople are willing to convince potential customers that they have the best interest of the customer in mind. However, this is not always the case. Before the process gets going, make sure that the person with whom you are dealing specifies exactly who they are representing in the transaction.

Some brokers can and will act as a representative of each party. Before they can do this, they must obtain written consent from both the buyer and the seller.

Research the broker

Before a broker can conduct their business, they must prove that they are qualified to do so. These qualifications come in the form of licenses received from the Texas Real Estate Commission (TREC). There are different licenses and each shows a particular level of qualification. The two main qualifications are for salespersons and brokers.

· Brokers – To become a license broker, a person must complete 900 hours of classroom education. This education is comprised of courses covering contracts, agencies and principles of real estate. A broker must also have at least 2 years of real estate experience before they can become eligible to be a broker.

· Salespersons – Whereas brokers need 900 hours of training and can act as individual agents, salespersons need only 270 hours of classroom instruction. Once they are licenses as a salesperson, they must work under the direct supervision of a licensed broker.

If meeting in a broker’s office or building, make sure that their qualifications are prominently displayed. You can then also contact the TREC and see if the broker has had any legal issues or disciplinary actions in the past that may affect their practice now.

Buying real estate is a decision that merits careful consideration. Working with someone who is skilled in the field and properly qualified will make the process much easier. They will also work with you to ensure that you end up in the best situation possible, but it never hurts to be cautious. If you want additional assistance and security throughout the real estate buying process, it is suggested that you obtain the services of a trained legal professional.