Owner-to-Owner House Sale
Owner-to-Owner House Sale
For unrepresented buyers only: Seller will pay a $2,000 concession, applied at closing, toward buyer’s transaction and closing costs (for example, a real estate attorney’s fee paid through the title company, escrow fees, or lender fees).
Buyer’s agent commission could significantly reduce your negotiating position when buying a house. Other professionals, such as real estate attorneys, home inspectors, and residential appraisers are often more qualified than a buyer’s agent to perform many of the functions involved in a real estate transaction. If you found this home yourself, shouldn’t you keep as much value for yourself?
Any person can use the same contracts and forms that Texas real estate agents are required to use. The form documents are public records created by the state government. Links to the contracts and addenda are included in the following guide.
Note: The seller is the buyer’s counterparty in this transaction. To best protect your interests, consult professional providers who have a fiduciary duty to you (e.g., real estate attorney). Nothing on this site is legal, tax, or lending advice.
Step 1
Shop mortgage lenders for competitive interest rates and ask the lenders to issue pre-approval letters for a loan amount that you qualify for.
Step 2
Contact seller via phone or text at (281) 715-0300 or email Buy@8919Japonica.com to schedule a showing of 8919 Japonica Drive. Provide a pre-approval letter from a lender (or proof of funds for cash buyer) and the full names of all people who will attend the tour. Please bring photo identification to the viewing.
Step 3
The buyer can submit a written offer via email to Buy@8919Japonica.com using the Texas Real Estate Commission One to Four Family Residential Contract (Resale), TREC No. 20-19. At showing, seller will provide buyer with property details and preferred offer terms. Buyer may wish to consult a real estate attorney for guidance.
Buyer may also submit the following addenda with buyer’s offer:
Note: TREC cautions that “A mistake in the use of a form may result in financial loss or an unenforceable contract. A person using a TREC form assumes all risks associated with its use.”
Step 4
If the contract is executed, buyer must pay the specified Earnest Money and Option Fee to the Escrow Agent within the deadline specified by the contract (3 days after the Effective Date). If buyer does not timely pay the Option Fee, then buyer waives the right to the termination option. Additional earnest money may be required to be paid by a later date.
Step 5
Buyer is encouraged to hire a TREC-licensed real estate inspector to inspect the property early in the option period. Home inspectors licensed in Texas conducting inspections in Texas are required to follow the TREC’s Real Estate Inspector Standards of Practice (SOPs), which are established by TREC rules.
Buyer should perform any additional inquiries and research into the property.
The buyer and his agents (e.g., licensed inspector, lender) have access to the property at reasonable times. Buyer may have the property inspected by inspectors selected by buyer and licensed by TREC or otherwise permitted by law to make inspections. Buyer’s agreement to accept the property “As Is” does not preclude buyer from inspecting the property, from negotiating repairs or treatments in a subsequent amendment, or from terminating this contract during the Option Period.
Directories for locating a home inspector include:
Step 6
Prior to the expiration of the Option Period, buyer should decide if buyer wishes to terminate the contract. If buyer notifies seller of termination before the Option Period deadline, buyer forfeits the Option Fee and earnest money will be refunded to buyer. If buyer does not exercise the option, then the Option Fee is credited to the Sales Price at closing. The Option Period deadline is 5:00 p.m., local time of the location of the property, on the date specified (Option Period days are calendar days, including weekends and holidays).
Step 7
Continue to communicate with lender, title company, and seller to complete tasks required for closing. Buyer may help coordinate with seller any appraisal that may be required by buyer’s lender. Additional documents and information may be provided to buyer during the closing process.
Seller invites buyer to do a final walk-through prior to closing.
Step 8
Buyer will meet at the title company’s office on closing day to complete the transaction. The title company will provide a settlement statement of the final closing costs.
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