![]() For that reason, most sellers and buyers do not obtain a separate appraisal. ![]() Your appraisal will not be usable by them. You are certainly welcome to obtain an appraisal if it makes you feel more comfortable, but you should be aware that if you are obtaining a loan, their lender will most likely require that a new appraisal be obtained by the lender. If you need further assistance with this, First Texas Title can provide you with the necessary contract forms and can assist you in completing them.Ī note about appraisals: Many sellers and buyers ask if they should obtain an appraisal at the beginning of the process to validate the asking price or sales price. If you do not have a real estate agent, you will need to prepare a contract yourself or make other arrangements. If you are represented by a real estate agent, the agent will probably prepare the contract for you using forms promulgated by the Texas Real Estate Commission. Common terms and conditions include sale price, closing date and location, amount of earnest money, whether or not a title insurance policy will be provided by the seller, who will pay what closing costs, who will provide a survey of the property, does the buyer have an option period or feasibility period during which inspections will be conducted, and will the buyer take possession at closing or at some other time. In most situations, buyers should enter into a written agreement with the seller detailing terms of the sale, which is commonly referred to as the “contract of sale” or “contract.” In the contract, the seller agrees to sell the property and the buyer agrees to purchase the property upon the terms and conditions in the contract. ![]() The first step in buying property is locating the property and reaching an agreement with the seller on the terms of the sale. ![]()
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