Seller’s Guide
Listing Appointment SELLER CHECKLIST
Sellers C ontact Information
Name:
Address: _________________________________________
Phone:___________________________________________
Email:____________________________________________
Preferred method of contact:
Marital Histor y since acquisition of property Marriage? ❏ Yes ❏ No
If yes, Spouse’s Name: Date of Marriage: ___/___/___
Did spouse live in property?
❏ Yes ❏ No If yes, include on Contract. Divorce?
❏ Yes ❏ No If yes, County/State When: ___/___/___
Death? ❏ Yes ❏ No
Is there a Will? ❏ Yes ❏ No
- If yes, was it probated? ❏ Yes ❏ No
How is Title held?
Trust, LLC, Corp., etc.? ❏ Yes ❏ No
If yes, need copy of Trust Agreement or LLC/Corp. Documents.
Bankruptc y? ❏ Yes ❏ No
If yes, County/State: When: ___/___/___
Party to any L awsuit? ❏ Yes ❏ No
If yes, please include details on a separate page
Are you a Citizen of the U.S.A.? ❏ Yes ❏ No
If no, do you have a Green Card? ❏ Yes ❏ No
If you are not a U.S. Citizen, but you have a U.S. tax
Details for Closing
Will any party be signing with a power of attorney?
❏ Yes ❏No
Remote closing ❏ Yes ❏ No
Existing Sur vey?
❏ Yes ❏ No Legible? ❏ Yes ❏ No
❏ All sellers have signed and notarized the T-47
Residential, Fixture, & Natural Resourse Leases
Residential lease on the property? ❏ Yes ❏ No
If yes, lease end date: ___/___/___
Will need copy of lease agreement.
Fixture lease(s) on property? ❏ Yes ❏ No
Will need copy of xture lease agreement(s).
If yes, which xtures are leased?
❏ Solar Panels
❏ Propane Tank
❏ Water So er ❏ Security System ❏ Other_______________________
Natural Resource Leases ❏ Yes ❏ No
Need copy of lease agreement.
Is the property located in a: ❏ MUD ❏ PUD ❏ WCID ❏ PID *Don’t forget the notice
Mortgage Info
Current Estimated Payo : Delinquent on Payments?
❏ Yes ❏ No If yes, how far behind?
Have you asked for assistance due to delinquent payments?
❏ Yes ❏ No
If yes, has it been repaid?
❏ Yes ❏ No
Short Sale?
❏ Yes ❏ No
COVID-19 Mortgage Relief? ❏ Yes ❏ No
Homeowners Association
HOA? ❏ Yes ❏ No
If yes, what are all of the fees associated with the sale of this property?
Resale Package $__________Transfer Fees $___________
Deposit for Reserves $__________ Other $____________ Management Company: __________________________ Phone number:__________________________
Are dues current? ❏ Yes ❏ No
❏ Yearly ❏ Monthly ❏ Quarterly
If real estate lingo tends to make your eyes glaze over, know that you’re not alone. For many people, the terminology used during the process of buying or selling a home might as well be an alien language. Here’s a list of title terms to know for when you establish first contact with your agent or closer...
1. Chain of Title
The history of recorded ownership transfers for a property. Title companies review this to confirm ownership transfers over time.
2. Closing Statement
A document provided at the end of the transaction that shows all costs, credits, and payments for both buyer and seller. Common versions include the Closing Disclosure (CD) for most financed transactions, the HUD-1 Settlement Statement for most cash or non-residential deals, and/or the ALTA Settlement Statement, which title companies often use for a standardized breakdown of closing costs.
3. Cloud on Title
An issue, error, or claim that creates uncertainty about who legally owns the property. Common examples include unreleased liens, name discrepancies, or filing mistakes.
4. Deed
The legal document that transfers ownership of a property from one person or entity to another. It includes the names of the parties, consideration, and a legal description of the property.
5. Deed of Trust
A document used to secure a loan with real estate as collateral. It involves the borrower, lender, and a third-party trustee who acts on behalf of the lender in the event of a foreclosure.
6. Deed Restrictions
Rules recorded in the deed that limit how a property can be used, such as restrictions on home design, fences, or business activity. These restrictions remain with the property through future sales.
7. Earnest Money
A deposit made by the buyer to show serious intent to purchase. The contract instructs the parties on how it is delivered, and in most cases, it is held by the title company and applied to the final purchase price. If the buyer defaults, the seller may have the right to keep it.
8. Escrow
A neutral process in which the title company holds funds and documents until all contract conditions are met. Escrow ensures no money or property changes hands until everything is ready to close. In Texas, escrow services are usually handled by the title company.
Title Terms Independence
9. Legal Description
A formal description of the property’s exact location and boundaries. It appears in the deed and is different from a street address. Depending on the type of property, different methods are used to create a legal description and include survey maps, metes and bounds descriptions, plats and condominium declarations.
10. Lien
A legal claim against a property for unpaid debts like taxes, mortgages, or contractor services. All liens must be resolved before ownership can be transferred.
11. Option Money
A non-refundable fee paid by the buyer for the right to terminate the contract during the option period. The contract instructs the parties how it must be delivered and receipted, and is typically credited toward the sales price if the deal closes.
12. Survey
A map prepared by a licensed surveyor that shows property boundaries, structures, fences, and easements, along with any existing improvements. A survey is often required by lenders or title companies to confirm that there are no boundary or encroachment issues, so that the requested title insurance coverage can be applied to a title insurance policy.
13. Title
The legal right to own, use, and transfer a property. It shows who has legal ownership and must be free of issues or claims before a sale can be finalized.
14. Title Commitment
A preliminary report from the title company that outlines what will be covered under the title insurance policy, including any exceptions, and issues that must be resolved before closing.
15. Title Insurance Policy
A one-time insurance policy issued at closing that provides coverage to the buyer and/or lender from financial loss due to past issues with ownership, liens, or legal defects not found during the title search. The title insurance policy is a contract between the insured and the underwriter.
T he ABC’s of a Title Commitment
Here’s a quick and basic overview of the four schedules of the Commitment for Title Insurance. In general, a title commitment is a commitment by the title company to insure the property and issue a title policy if conditions in the commitment are met.
Please contact your escrow officer with any questions about a particular title commitment or transaction.
“A” is for “Actual
Facts”
In other words, this is the “Who, What, Where and How Much” of the transaction. You’ll see the names of the seller and buyer, the types of policies to be issued, a description of the property, the sales price, and the name of the lender if any.
“B” is
for “Buyer Noti cation”
From areas where other parties have some interest or control of the use of property. An example would be a utility easement, where the city would have a part of the land reserved for their use, or a building setback requirement that prevents the homeowner from building within a certain distance from the front of the property. These items are not covered.
“C” is for “Clear to
Close”
These items must be resolved in order to insure title to the new owner. This would include such things as a mortgage to be paid off, marital status, home improvement liens, unpaid taxes, or a requirement that another person - such as an heir or a former spouseparticipate in the sale of the property.
“D” is for
“Disclosure”
This last section outlines all parties who will collect any part of the insurance premium, including underwriters, title agents and attorneys.
Title Commitments AFROM Independence
Come Prepared!
What to Pack, What to Ask, and What to Say for a Smooth Closing.
Congratulations on getting to the finish line! Here are a few tips to help make your closing experience smooth and free of surprises.
Identification
Bring complete identification to closing, including any person signing with a Power of Attorney. To comply with federal security, banking, and notary laws, you must bring valid (not expired!) government-issued identification (i.e., Driver’s license or Passport).
If Your Transaction is Linked to Another Closing ...
For example, if you’re selling and using the proceeds on a purchase later that day, or you’re buying with proceeds from a closing that happened earlier— let your escrow officer know as soon as possible to coordinate all the moving parts better.
Changes to Marital Status
Alert your escrow officer if there are any changes to your marital status since signing the contract, ideally before sitting down at the closing table. If a party to the contract is using a Power of Attorney (someone else will sign for them), ensure the title company has the original executed document at or prior to closing. Also, the title company is legally required to contact the person granting a power of attorney on the day of closing –make sure this person is available and expecting the call!
“Good Funds”
For any monies due over $1500, plan to bring “good funds” to the closing table, in other words, a wire transfer or cashiers’ check (note that a bank “ACH” transfer is different from a wire transfer and can cause lengthy delays).
Funds Delivery
Buyers should also confirm how the lender will deliver funds (usually via check or wire transfer) and work with their agent to clarify expectations with the seller. Bear in mind that a wire transfer from the lender will typically allow the title company to wire out the proceeds to the seller as soon as funding approval is received, assuming the seller’s proceeds are not more than the amount of funds received in via wire. A cashier’s check must be honored or “collected” by the bank before any funds may be sent out via a wire, which could delay one to three business days. Buyers and sellers should communicate (with the help of their agents) before closing to clarify expectations.
If you have any questions, talk to one of our Business Development Representatives or an Escrow Officer at a location near you.
Escrow Department Opens Order
Examiner Researches Property Loan Submitted For Approval
Title Insurance Why You Need
Tell the truth. Do you really know what title insurance is?
Why most people should have it? Why it costs what it costs?
Most people don’t. In fact, a recent survey by the American Land Title Association revealed that most homebuyers think of title insurance as “just another fee” they have to pay to buy a home. They don’t really know what it does, or how it protects them.
When you purchase a home, how can you be sure that the seller really owns the property and has the right to sell it to you? That there are no debts, liens or unpaid taxes that will become your problem? Title issues can limit your use and enjoyment of the property, as well as create a potential financial loss.
Title insurance is very unique compared to other lines of insurance. It does not address hazards that might occur after you buy the property. Instead, title insurance companies search for problems related to past ownership that need to be corrected or excepted from coverage before the property changes hands. In other words, title insurance covers mistakes and unknown factors that may exist prior to closing. The Texas Department of Insurance regulates title companies in Texas and sets fees, so there is no need to “shop” to compare premiums. A title policy premium is a one-time fee –there are no annual renewals like we pay for health, homeowner and auto insurance.
Once a sales contract has been signed by all parties, your title company searches the public records connected with the property and previous owners, going back many years. More than 1/3 of all title searches reveal a title problem that must be addressed before closing. For instance, a previous owner may have had minor construction done on the property but never paid the contractor, or the contractor did not pay his
subcontractors, resulting in a lien claim. There may be a lien on the property for unpaid taxes by a previous owner, a missing signature of an heir in a prior transfer of the ownership, or failure to file a release of lien on a past mortgage.
Sometimes title problems occur because of matters that did not appear in the public records. To help protect purchasers in these instances, it is recommended that they obtain an Owner's Policy of Title Insurance to insure them against unforeseen problems.
Possible hidden title problems can include:
• Errors or omissions in deeds
• Mistakes in examining records
• Forgery
• Undisclosed heir
• Supplemental tax bills
The Owner's Title Policy
The cost of Owner's Title Insurance, or the “Owner's Policy,” is based on the sales price of the property. It protects the buyer(s) for as long as they or their heirs have an ownership interest in the property. For more information on the cost of premiums, please refer to the rate schedule included in this piece, or visit www.IndependenceTitle.com, choose your metro area, and go to the Title Premium Calculator in the Tools and Resources section.
Examples of Claims Against an Owner’s Title Policy
Tax Example:
Mr. Buyer purchases a home from Mrs. Seller. Two years before the sale, Mrs. Seller added a detached garage, but did not get permits or notify the county tax office. Three years after Mr. Buyer purchased the property, the county tax office sends him a bill for back taxes on the improved property, going back to the date Mrs. Seller built the garage.
Heirship:
When a homeowner dies without a will, state law allows that two people outside the family (“disinterested parties”) may submit an Heirship Affidavit establishing who the heirs to the property should be. Obviously there could be relationships that are unknown to them. Heirs that were not accounted for can appear years later and claim some of the proceeds of the sale from the new owner, or claim some ongoing interest in the property.
Forgery:
It is possible that documents in the chain of title may be forged, especially releases of lien (document that falsely claims a debt was paid), fraudulent “conveyances,” (deeds that transfer title to the property), and powers of attorney. In one common scam, a fraudster identifies a property not occupied by the owner, files a fake deed transferring title into their own name, and “sells” the home to an unsuspecting buyer.
Considering an Enhancement to Your Owners Title Policy?
Amendment to Area & Boundaries Exception
With a satisfactory survey reviewed and approved by the title company, the buyer may choose to remove a portion of the Area & Boundary Exception, which adds some coverage back into the Owner’s Title Policy. The cost to the responsible party (as determined by the contract) is 5% of the basic title insurance premium for a residential real property.
T-19.1: Restrictions, Encroachments, Minerals Endorsement.
Insurance coverage relating to violations of enforceable restrictions, violation of building setbacks, reversionary rights, encroachments upon and beyond the property, and damage to improvements resulting from surface mineral development. Premium cost for this endorsement, for policies insuring residential real property, is calculated at 10% of the Basic Premium Rate for the Owner’s Policy, if the endorsement is purchased alone, or 5% of the Basic Premium Rate for the Owner’s Policy if purchased in conjunction with amendment of the area and boundaries exception (minimum of $50 for this endorsement).
Examples of Claims with an Enhanced Owners Title Policy
Boundary Dispute
Ms. Black just purchased 5 acres of land in the country. She was in the process of installing a fence along the south property line when her neighbor came out to tell her fence contractor to get off his property. At a meeting between Ms. Black and her neighbor they compared survey plats and found that the metes and bounds descriptions for their common property line were different and conflicting one another. She filed a claim with her title insurance underwriter based on her purchase of the Area & Boundary Exception Amendment for her Owner’s Title Policy, and the underwriter assisted her in resolving the issue with the neighbor.
Restriction Violation
Mr. Pitt purchased a home from Mrs. Smith. Mr. Pitt was in love with the metal roof on the home, newly installed by the seller. Two weeks after Mr. Pitt closed on his home purchase he received a certified letter from the Happy Home Owners Association stating that the metal roof was in violation of the HOA restrictions and several neighbors had complained about the reflective nature of this roof. The HOA required that he replace the metal roof with a composition shingle roof. Since he had purchased a T-19.1 Endorsement to his Owner’s Title Policy, he was able to recover the replacement cost from his title insurance underwriter.
Texas Title Insurance Rates
$55,500
$56,500
$33,000
$34,000
$35,000
$36,000
$37,000 $408
$38,000
$39,000
$40,000
$46,500
$47,000
$47,500
$48,000
$48,500 $487
$49,000 $490
$49,500
$50,000
$61,000 $571
$61,500
$64,500 $594
$65,000 $597
$65,500 $600
$66,000 $604
$66,500 $609
$67,000 $612
$67,500 $613
$68,000 $617
$68,500 $621
$69,000 $624
$69,500 $627
$70,000 $631
$70,500 $635
$71,000 $639
$71,500 $641
$72,000 $644
$72,500 $648
$73,000 $651
$73,500 $654
$74,000 $658
$74,500 $662
$75,000 $666
$75,500 $668
$76,000 $671
$76,500 $674
$77,000 $678
$77,500 $681
$78,000 $685
$78,500 $689
$79,000 $693
Policies of $100,001 - $1,000,000
1. Subtract $100,000 from policy amount.
$79,500 $694
$80,000 $698
$80,500 $702
$81,000 $706
$81,500 $708
$82,000 $711
$82,500 $716
$83,000 $720
$83,500 $722
$84,000 $725
$84,500 $729
$85,000 $732
$85,500 $735
$86,000 $738
$86,500 $743
$87,000 $747
$87,500 $749
$88,000 $752
$88,500 $756
$89,000 $760
$89,500 $762
$90,000 $765
$90,500 $769
$91,000 $773
$91,500 $777
$92,000 $779
$92,500 $783
$93,000 $786
$93,500 $790
$94,000 $791
$94,500 $796
$95,000 $801
$95,500 $804
$96,000 $805
$96,500 $809
$97,000 $813
$97,500 $817
$98,000 $820
$98,500 $824
$99,000 $827
$99,500 $830
$100,000 $832
$104,500 $856
$105,000 $858
$110,000 $885
$115,000 $911
$120,000 $937
$125,000 $964
2. Multiply result (1) by 0.00527 and round to nearest whole dollar.
3. Add $832 to result (2).
Policies of $1,000,001 - $5,000,000
1. Subtract $1,000,000 from policy amount.
2. Multiply result (1) by 0.00433 and round to nearest whole dollar.
3. Add $5,575 to result (2).
Policies of $5,000,001 - $15,000,000
1. Subtract $5,000,000 from policy amount.
2. Multiply result (1) by 0.00357 and round to nearest whole dollar.
3. Add $22,895 to result (2).
Policies of $15,000,001 - $25,000,000
1. Subtract $15,000,000 from policy amount.
2. Multiply result (1) by 0.00254 and round to nearest whole dollar.
3. Add $58,595 to result (2).
$130,000 $990
$135,000 $1,016
$140,000 $1,043
$145,000 $1,069
$150,000 $1,096
$155,000 $1,122
$160,000 $1,148
$165,000 $1,175
$170,000 $1,201
$175,000 $1,227
$180,000 $1,254
$185,000 $1,280
$190,000 $1,306
$195,000 $1,333
$200,000 $1,359
$205,000 $1,385
$210,000 $1,412
$215,000 $1,438
$220,000 $1,464
$225,000 $1,491
$230,000 $1,517
$235,000 $1,543
$240,000 $1,570
$245,000 $1,596
$250,000 $1,623
$255,000 $1,649
$260,000 $1,675
$265,000 $1,702
$270,000 $1,728
$275,000 $1,754
$280,000 $1,781
$285,000 $1,807
$290,000 $1,833
$295,000 $1,860
$300,000 $1,886
$305,000 $1,912
$310,000 $1,939
$315,000 $1,965
$320,000 $1,991
$325,000 $2,018
$330,000 $2,044
$335,000 $2,070
$340,000 $2,097
$345,000 $2,123
$350,000 $2,150
$355,000 $2,176
$360,000 $2,202
$365,000 $2,229
$370,000
Policies of $25,000,001 - $50,000,000
1. Subtract $25,000,000 from policy amount.
2. Multiply result (1) by 0.00152 and round to nearest whole dollar.
3. Add $83,995 to result (2).
Policies of $50,000,001 - $100,000,000
1. Subtract $50,000,000 from policy amount.
2. Multiply result (1) by 0.00138 and round to nearest whole dollar.
3. Add $121,995 to result (2).
For policies greater than $100,000,000
1. Subtract $100,000,000 from policy amount.
2. Multiply result (1) by 0.00124 and round to nearest whole dollar.
3. Add $190,995 to result (2).
Real estate transactions are a big deal – big money, and big complexities, even with a transaction that seems straightforward. A Realtor represents your best interests, and handles all this and more:
Researching the local market and specific neighborhood to make sure sellers and buyers are getting their best price, accounting for property condition, location, and many fine details based on expert comparisons with other recent sales and listings.
Realtors are experts on the promulgated contract forms that account for every aspect of the transaction, including property legal descriptions, down payments, option fees, surveys, tax prorations, title policies, exclusions, and much more.
For Sellers, Realtors guide you strategically in staging and preparing your property for sale, provide security for you and your property by limiting access to qualified buyers, help you understand and properly navigate contract and disclosure obligations, and advertise your property across a wide network of other agents and potential buyers.
For Buyers, Realtors are the experts on school districts, neighborhoods, and changing property values over time. They have access to multiple resources to find homes for sale, and work with proven professional property inspectors, mortgage lenders, title insurance companies, and others that work together to get you to and through the closing table.
And Realtors manage the complicated negotiations around pricing, option periods, repairs, lender requirements, interest rates, parties that do not live up to their obligations, plus all the personal dynamics of working with other people, including emotions, family needs, illness, heirs, finances, relationships forming or breaking apart – all the circumstances that can influence the process.
The bottom line? You will likely buy or sell real estate only a few times in your lifetime, but Realtors manage multiple transactions every year. Experience matters. Interview some Realtors. Hire the best fit for you. You're welcome!
The Basics
Review your relocation package if you have one, and determine what expenses will be paid by your company.
Moving can be overwhelming, but a checklist can help keep you focused. By keeping you organized and breaking tasks into manageable steps, it can help prevent an upcoming move from becoming a stressful disaster!
From updating addresses to scheduling movers, the checklist acts as a visual roadmap, ensuring no detail is missed.
CHECKLIST Independence MOVING
Start a log of moving expense receipts (some may be tax deductible).
Get written estimates from moving companies, including their written commitment of pickup and delivery dates. Get references. Check the limits of insurance they offer, and if it covers replacement cost. Purchase additional insurance if necessary.
Arrange for storage facility, if you plan to store any contents. Check insurance.
Arrange transport service for pets or automobiles if needed.
Contact your bank and arrange transfer of your accounts; order checks with new address; clean out your safety deposit box.
Submit change-of-address forms to the post office; mail postcards to friends & creditors.
Give day-care center proper notice of withdrawal.
Contact schools and arrange for transfer of student records.
Contact your doctors for medical records and possible referrals to new physicians.
Change your insurance policies on property, auto and medical.
Organize all important documents in a fire-safe box. Some things you want to include are school records, home purchase/sale papers, will, marriage/divorce papers, pet documents, financial records, stock certificates, social security cards, birth certificates, and passports.
Give notice of resignation to any clubs, organizations or volunteer activities you belong to.
Cancel newspaper subscriptions.
Arrange for hotels, rental cars or temporary housing as needed.
Two Weeks Before the Move
Take a ruthless walk-through to determine what you really want to take. Tag the rest of it and hold a garage sale or donate it.
Clean out club, gym and school lockers; pick up all dry cleaning.
Arrange for the disconnection or changeover to your new home of all utilities.
Have measurements taken of the rooms in your new residence and use floorplans to determine where everything will go.
Begin packing less-used items. Label each box, and keep an inventory.
Retrieve and return all borrowed items from neighbors & friends.
Clean out the cupboards & plan remaining meals so you can pack what you don't need, and don't buy any more perishables than you have to.
One Week Before the Move
Make an inventory list of all items going with you personally. Keep valuable and irreplaceable items such as jewelry and heirlooms with you, not movers.
Confirm arrangements and dates with moving & storage companies.
Confirm hotel, rental car or temporary housing accommodations.
Disassemble furniture or others items.
Be sure to check yard and sheds for all items to pack.
Inform all friends & relatives of your forwarding address. If your phone service won't be instantaneous, arrange for a temporary voice mailbox.
Social Security benefit recipients should change their address with the Social Security Administration.
Notify the IRS of your new address. Check whether your moving expenses are tax-deductible.
Take pictures of furniture or get fabric samples for anything you will want to reference for color or decorating before your goods are delivered to your new home.
Set aside a box of cleaning supplies and the vaccuum cleaner.
Begin making a "Survival Box" for the move. This should include:
Paper & pens
Cellophane/Heavy-duty tape
Tape measurer
Ziplock bags
Facial & toilet tissue
Toiletries
First-aid kit
Bottled water
Flashlight
Trash Bags
Children’s games
Envelopes & stamps
Scissors
Disposable cups/plates/utensils
Paper towels
Instant coffee or tea
Medication
Can opener
Travel alarm
Small tools kit
Snacks or drinks
Spare car keys
Two Days Before the Move
Clean and defrost refrigerator and freezer.
Reconcile and close bank accounts, unless you will be using another branch of the same bank.
Conclude financial matters relating to the sale or lease of your home.
Movers or your family should complete packing of all household goods for the move. Make sure are boxes are clearly marked.
Moving Day
Confirm delivery address, directions and delivery date with the movers.
Carefully supervise the move. Make sure boxes are clearly marked and your instructions are understood.
Clean the home and check entire grounds before leaving.
Check thermostat and make sure temperature is set appropriately. Make sure all windows/doors are closed and locked, and all appliances are turned off. Leave forwarding address, garage door openers & any keys, if agreed to, for the new owners or renters.
If your home is going to be vacant when you leave, make sure a relative, neighbor or real estate agent has the keys and how to contact you. Also, notify your insurance agent and police department that the home will be empty.
On Arrival
Check to make sure all utilities are on and working.
Let family members or friends know you have arrived safely. Check in with your employer & real estate agent to confirm itineraries.
Supervise moving crew on-location.
Give the kids a job to do - let them start on their rooms. Usually, the kitchen and the kids rooms are the best to set up first, as it helps them feel at home.
Go over the Bill of Lading from the moving company very carefully before signing; check for damaged items first, as this is usually binding once signed.
Helpful Resources
Complete change of address and simplify your move moversguide.usps.com
Moving tips fmcsa.dot.gov/protect-your-move
School info nces.ed.gov/ccd/schoolsearch
Locate childcare childcareaware.org
IRS/Tax Deductions irs.gov
Social Security Admin ssa.gov
Getting Your Home Ready to Sell
It is important to get and maintain your property in the finest possible condition to impress buyers, agents, appraisers, and inspectors. Use this handy Interior and Exterior checklist to identify areas of your home which need work before you put it on the market.
Attic
❏ Check underside of roof for leaks, stains, or dampness
❏ Look around chimney for condensation or signs of water
❏ Clean and clear ventilation openings if necessary
❏ Clean out stored junk
❏ Have it professionally sprayed for insects
Walls and Ceilings
❏ Check condition of paint and wallpaper
❏ Repair cracks, holes, or damage to plaster or drywall
❏ Clean o ngerprints, smudges, grease, and dirt
❏ Put on a couple coats of a neutral colored paint if necessary
Windows and Doors
❏ Check for smooth operation
❏ Replace broken or cracked panes
❏ Repair glazing
❏ Check condition of weather stripping and caulking
❏ Examine paint
❏ Test doorbell or chimes
❏ Test burglar alarms
❏ Clean windows to let in as much light as possible; clean window sills, tracks, blinds, and valances
❏ Eliminate squeaking and creaking
Floors
❏ Inspect for creaking boards, loose, missing, or cracked tiles and worn areas
❏ Check baseboards and moldings
❏ Test the staircases for loose handrails or posts, worn tread, carpet, and creaks
❏ Correct any issues with carpet including stains, overstretching and hanging threads
Bathrooms
❏ Check tile joints, grouting, and caulking
❏ Remove mildew and mold
❏ Repair leaking faucets and shower heads
❏ Check the condition of painted or wallpapered walls
❏ Test operation of toilet and faucets
❏ Ensure chrome sparkles and all xtures look as new as possible
Kitchen
❏ Clean and polish all appliances
❏ Clean ventilator or exhaust fan on stove
❏ Remove accumulation of grease or dust from tiles, walls, oors
❏ Organize cabinets and refrigerator
❏ Remove dangerous items such as knives which may be at a child’s height on center island or counters
Getting Your Home Ready to Sell
Basement
❏ Remove clutter, organize items neatly and get things o the oor if possible
❏ Check for signs of dampness, cracked walls or damaged oors and ceilings
❏ Inspect structural beams
❏ Check pipes for leaks
❏ Have it professionally sprayed for insects
Electrical System
❏ Check exposed wiring and outlets for signs of wear or damage
❏ Repair and test switches and outlets
❏ Have a professional electrician label each switch in the circuit breaker box
Plumbing System
❏ Check water pressure when faucets in bathroom(s) and kitchen are turned on
❏ Look for leaks at faucets, sink traps, and valves
❏ Clear slow-running or clogged drains
Heating and Cooling Systems
❏ Change or clean furnace and air conditioning lters
❏ Have equipment serviced if needed
❏ Clear and clean areas around heating and cooling equipment
Roof and Gutters
❏ Inspect ashing around roof stacks, vents, skylights, and chimneys
❏ Clear obstructions from vents, louvers, and chimneys
❏ Check fascias and so ts for decay and peeling paint
❏ Inspect chimney for any loose or missing mortar
Exterior Walls
❏ Check masonry walls for cracks and damage
❏ Replace loose or missing caulk
❏ Repair drywall cracks and chips
Driveway
❏ Repair concrete or blacktop if necessary
❏ Clean grease or stains
❏ Remove grass or weeds growing from driveway seams
❏ Park in the garage if possible, leaving a clear driveway at all times
Garage
❏ Lubricate hinges and other hardware on your garage door
❏ Inspect doors and windows for any peeling paint
❏ Check condition of glazing around all windows
❏ Test electrical outlets
❏ Test garage door opener for smooth and quiet operation
❏ Clean and organize garage storage areas
❏ Remove dangerous tools from levels a child may reach
❏ Have the area professionally sprayed for insects
Foundation
❏ Check walls, steps, retaining walls, walkways, and patios for cracks, heaving, or crumbling
Yard
❏ Mow lawn, re-seed/re-rock or sod if necessary
❏ Trim hedges, prune trees and shrubs
❏ Weed and mulch ower beds
❏ Ensure watering times are correct, adjust sprinklers which spray onto walkways
CLOSING COSTS
WHO’S RESPONSIBLE?
Buyer Costs Seller Costs
Property Inspections
Termite Inspection
Survey (per contract)
HOA Transfer Fee (per contract)
Prorated Taxes
Half of Escrow Fee
Courier Fee
Hazard Insurance
* Loan Origination Fee
* Loan Title Policy and Endorsements (per contract)
* Appraisal
* Credit Report
* Prepaid Interest
* Document Preparation
* Recording Fee (s)
* Initial Deposit for Escrow Account (if applicable)
* Mortgage Insurance Premium (if applicable)
VA Funding Fee (if applicable)
Payo of Existing Loan(s)
Realtor Commissions
Owner’s Title Policy and Endorsements (per contract)
Repairs (per contract)
Prorated Taxes
Half of Escrow Fee
Courier Fee
Tax Certificate
Document Preparation
Recording Fee(s)
* These costs are associated with a loan. Please check with lender for any other fees associated with your transaction.
Transactions vary and some costs are negotiable. Please talk with your Realtor, Lender and Escrow O cer regarding details of your specific transaction.
Survey (per contract)
HOA Resale Certificate (per contract)
Home Warranty (per contract)
Termite Inspection (VA Loan Only)
Valuing Property
Districts DFW Area
Each county’s appraisal district determines the value of all taxable property within the county. Before the appraisals begin, the district compiles a list of taxable property. The listing for each property contains a description and the name and address of the owner.
The appraised home value for a homeowner who qualifies his or her homestead for exemptions in the preceding and current year may not increase more than 10 percent per year.
Property Tax Code Section 23.23(a) sets a limit on the appraised value of a residence homestead, stating that its appraised value for a tax year may not exceed the lesser of: (1) the market value of the property; or (2) the sum of: (A) 10 percent of the appraised value of the property for last year; (B) the appraised value of the property for last year; and (C) the market value of all new improvements to the property, excluding a replacement structure for one that was rendered uninhabitable or unusable by a casualty or by mold or water damage. The appraisal limitation first applies in the year after the homeowner qualifies for the homestead exemption.
How is your property valued?
The appraisal district must repeat its appraisal process for property at least once every three years.
To save time and money, the appraisal district uses mass appraisal to appraise large numbers of properties. In a mass appraisal, the district first collects detailed descriptions of each taxable property in the district. It then classifies properties according to a variety of factors, such as size, use and construction type. Using data from recent property sales, the district appraises the value of typical properties in each class. Taking into account differences such as age or location, the district uses “typical” property values to appraise all the properties in each class.
The appraisal district may use three common methods to value property: the market, income and cost approaches.
The market approach is most often used and simply asks, “What are properties similar to this property selling for?” The value of your home is an estimate of the price your home would sell for on Jan. 1. The appraisal district compares your home to similar homes that have sold recently and determines your home’s value.
Other methods are used to appraise types of properties that don’t often sell, such as utility companies and oil leases. The income approach asks, “What would an investor pay in anticipation of future income from the property?” The cost approach asks, “How much would it cost to replace the property with one of equal utility?”
Dallas County dallascad.org 214/631-0910
Denton County dentoncad.com 940/349-3800
Ellis County elliscad.org 972/937-3552
Hood County co.hood.tx.us 817/573-2471
Hunt County hunt-cad.org 903/454-3510
Johnson County johnsoncad.com 817/648-3000
Kaufman County kaufman-cad.org 972/932-6081
Parker County parkercad.org 817/596-0077
Rockwall County rockwallcad.com 972/771-2034
Tarrant County tad.org 817/284-0024
Wise County wise-cad.com 940/627-3081
Homestead Exemptions
What is a Homestead Exemption?
A homestead exemption reduces the taxable value of your home which saves you money on your property taxes. The homestead exemption also limits the increase in the assessed value of your home to 10% each year. All Texas homeowners are able to apply for a General Residence Homestead Exemption for their primary residence. Other exemptions are available to homeowners who are over 65, veterans or disabled, and require the same application process.
Who qualifies?
These requirements must be met to receive the exemption:
1. You must own and occupy the home as your primary residence on January 1st in the year that you apply for the homestead exemption.
2. You may apply for a prorated homestead exemption in the year you purchase and occupy the home if the property was not claimed as a homestead by the previous owner i.e. the property was a rental or is a new construction home.
3. You may only claim one property as homestead in Texas or in any other state at a time.
4. Only individual homeowners (not corporations or other entities) may receive a homestead exemption. Family Trusts may qualify, check with the local appraisal district for requirements.
5. A homestead can be a house, condominium, or a manufactured home together with land also owned by the homeowner and used as a yard or for another purpose related to the residential use of the home.
6. Senate Bill 1801, effective Sept 1, 2023
Texas homeowners will see the school district homestead exemption on their property tax bill increase from $40,000 to $100,000 of their home’s assessed value.
The bill also allows for the county appraisal district to establish a procedure for the periodic review of homestead exemptions once every 5 years. The chief appraiser for each county will establish a schedule for said review.
How do homeowners apply?
1. Complete the Application for Residential Homestead Exemption. The application is available on the websites of most county appraisal districts, or at the Texas Comptroller’s website at: http://comptroller.texas.gov/taxinfo/taxforms/50-114.pdf
2. Include a copy of your DRIVER’S LICENSE or IDENTIFICATION CARD from the Texas Department of Public Safety at www.txdps.state.tx.us. The address MUST MATCH the homestead address.
3. Take a copy of the RECORDED DEED in case the Appraisal District has not yet updated court records. Contact us at IndependenceTitle.com if you need help securing a copy of your recorded deed.
4. Provide documentation of veteran or disabled status if claiming this exemption.
For more information on all types of property tax exemptions, contact your local county appraisal district office, or visit: http://comptroller.texas.gov/taxinfo/proptax/exemptions.html
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Se er
If you have a mortgage on this property, we suggest updating your address with that mortgage company to insure that you receive any overage or escrow refund that you may be owed.
Once you receive your proceeds please cancel your homeowners insurance and provide them with your new address as well so they can send you any refund that you are owed.
Contact any utility or service providers and schedule those services to be shut off or transferred.
If you have a seller’s temporary leaseback – you are responsible for keeping the utilities on through the end of the leaseback even if you vacate early. You should schedule those shut offs or transfers accordingly.
If you have a seller’s temporary leaseback:
1) Leave a forwarding address on the counter in the kitchen for the buyers to send your leaseback deposit or itemization of deductions.
2) Consider getting a renter’s insurance policy to make sure that your belongings are covered.
Last but not least, remember to contact the post office and provide your forwarding address so that your mail gets sent to the right place.