Real Estate & Closings · FAQ
Real Estate & Closings — Frequently Asked Questions
Plain-language answers for Texas real estate buyers, sellers, investors, and borrowers. Educational only — not legal advice.
- Earnest money is a deposit the buyer places in escrow to show commitment, usually held by the title company and applied to the price at closing. Whether it is refundable depends on the contract — often refundable during a due-diligence period and non-refundable after. The contract language controls.
- For commercial transactions, almost always — a survey reveals easements, encroachments, and boundary issues a title commitment alone will not. For residential transactions, an existing survey plus a T-47 affidavit is often enough. Your lender and title company will state their requirements.
- It is a document the title company issues before closing showing who holds title, what must happen before a policy can issue, and what exceptions will be excluded from coverage. Review it carefully — and have an attorney pull and read every recorded document it references, not just the summary.
- No. The choice of title company is always yours. We represent you the same way regardless of where the closing is held. When your closing is at Fidelity's Sugar Land office, the same attorney who reviewed your contract also reviews the closing — that continuity is the only difference.
- Yes. Texas title-insurance premiums are set by state regulation, so the premium for a given coverage amount is the same at every licensed agency. What differs is service and the professionals involved — not price.
- A 1031 exchange lets an owner selling qualifying investment or business real estate defer federal capital-gains tax by reinvesting in like-kind property within strict deadlines — generally identifying replacement property within 45 days and closing within 180 days. A qualified intermediary must hold the proceeds. Plan it with an attorney and tax advisor early.
- Yes — ideally before you sign the loan commitment, but anytime before closing. We review the promissory note, deed of trust, guaranty, and commitment, and explain the recourse and default terms in plain language.
- It means the buyer accepts the property in its current condition without seller warranties of quality. It does not eliminate claims for fraud or undisclosed known defects, and Texas courts read the specific language carefully. As-is is not a license for a seller to hide known problems.
- By custom, the seller usually pays for the owner's title policy and the buyer pays for the lender's policy if the purchase is financed. Every contract allocates differently — check yours.
- Texas allows closings without attorneys, and many transactions close that way. Attorney involvement matters most for commercial deals, complex residential transactions, large dollar amounts, and any deal where you want an advocate reviewing the documents for your interests.
The information on this page is for general educational purposes only and is not legal advice. Reading this page does not create an attorney-client relationship. For advice about a specific matter, consult a licensed attorney.
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