Legal Question in Real Estate Law in Texas

Selling Texas Land

I used the Texas Veterans Land program to purchase property 13 years ago. I am still making payments. I would like to sell the land. 1. In general, what documentation is required to sell the property and make the transition on ownership? 2. Is it possible for a purchaser to assume the Texas Vet loan? 3. Would a Title Agency be able to coordinate the transaction, will an attorney be required, or is it possible for me to coordinate the transaction on my own?


Asked on 2/20/00, 6:17 pm

1 Answer from Attorneys
Joseph A. McDermott, III Attorney at Law

Re: Selling Texas Land

The kind of documents required, including at minimum a deed and some sort of assumption agreement, assuming the lender will agree to have the debt assumed, are likely beyond the ability of a layman to prepare reliably; title insurance, which I recommend in EVERY real estate transaction, will have to be provided by a title company (agency, as you call it). There are two wayts to go: hire a lawyer for $250-750 to represent you and do the paperwork, from contract to closing documents, or make your own contract -- forms are available from the Texas real estate commission, although selection of the right form is critical and not intuitive -- and take it to the title company yourself. The title company will retain a lawyer it uses to prepare documents ONLY, not to represent you, who will charge maybe $250.00. The TC will guide you through the transaction to a degree. The title insurance premium will be 2-3% of the sales price, which you will pay whether you hire a lawyer or not.

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Answered on 2/25/00, 2:07 pm


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