 Dear George: I want to pay cash for a vacation house, and I'll be selling stocks to fund the sale. It'll take about a week for me to receive the money. As far as a deposit or earnest money goes, how long do I have to pay the balance?
Answer: You will most likely need to submit some amount of earnest money with the offer you make to the seller. Whenever you and the seller agree to as the closing date in your purchase and sale contract, the balance of the purchase price and closing costs will be due. How much earnest money you submit with your offer is addressed in Section 5, "Earnest Money." When you want the closing to occur is addressed in Section 9, "Closing." Once submitted to the seller, the seller can reject your offer, accept it, or come back with a counteroffer. Hire a Texas-licensed real estate brokerage firm to represent your interests or, if you do not wish to do that, hire an attorney.
Dear George: My wife and I purchased a lake lot, community property, sometime in 1975. We divorced in 1988. The property nearly went into tax auction. I've since paid all back taxes and kept current on new taxes and fees, and I also inspect the property every two to four years. My ex-wife has never inquired about the property or acknowledged that I have paid the taxes. Now, 18 years after divorcing, I want to sell the property and believe that she has abandoned her rights. Can I sell the property without her signature?
Answer: Did you obtain your divorce in a Texas court in which the judge approved and ordered a property settlement listing community assets and community liabilities? That listing of properties should show who owns the real estate. You will need to obtain a deed from your ex-wife in order to sell the property.
| Dear George: We purchased a newly constructed home six months ago. Before we made an offer on the house, I asked our REALTOR® if the propety was in a flood zone; he said no. We have since discovered that our home might be in a flood zone, and that the REALTOR® hid this information from us. Should the seller and the REALTOR® have disclosed this information?
Answer: If a real estate licensee knows a property is in a flood zone, that licensee is required to disclose that information to a customer or client. Certainly that should have come up during the negotiation process, provided the real estate licensee had knowledge of it. A licensee cannot disclose something he doesn't know. As for the Seller's Disclosure Notice, that covers only those items the seller is aware of on the date he makes the disclosure. The licensee doesn't complete the Seller's Disclosure Notice, and should not coach the seller as to how to fill it in. What leads you to believe your REALTOR® hid the information from you? If he did, it is a violation of the Real Estate License Act and the REALTOR® could face serious charges from the Texas Real Estate Commission.
If the seller didn't disclose the information, he may or may not have been truthful. If you have hard evidence that the seller knew the property was in the flood plain and didn't disclose that fact, hire an attorney. However, the mere fact that your property floods does not mean the seller was untruthful in the disclosure notice. FEMA maps that outline flood plains change. If the property flooded and the seller didn't disclose it to you, you should consult an attorney.
Dear George: My question is in regard to TAR form 1501, Residential Buyer/Tenant Representation Agreement. Under "Brokers Fees," Paragraph 11G, "Protection Period," please explain the first sentence. Is this referring to the second sentence about the days the broker has to send the client written notice identifying properties? Also, please explain this sentence: "This Paragraph 11G survives termination of this agreement."
Answer: The first sentence in Paragraph 11G, "Protection Period," begins at the time the representation agreement ends and thereafter extends for a period of however many days to which the client and the broker agree. The second sentence, however, says that the broker has no more than 10 days from the date the agreement ended to send the client a written notice identifying the properties called to the client's attention while the representation agreement was in effect. As for "This Paragraph 11G survives termination of this agreement," technically, when the agreement expires, it expires. Therefore, to make the agreement last beyond its term (the expiration date), that portion of the agreement must survive the closing or earlier termination of the agreement, agreeing that a portion of the agreement is not over yet.
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