We answer frequently asked questions or FAQ about selling Houston real estate and real estate in the surrounding communities of Greater Houston including Cypress, Katy, and College Station.
A real estate agent is a person licensed by the state to practice real estate. A Texas real estate agent may assist clients in buying and selling real estate and in the management and rental of properties. A real estate agent must work under the supervision of a real estate broker. Texas officially calls a real estate agent, a real estate salesperson.
A real estate broker is an experienced real estate agent with a minimum of four years experience practicing real estate. In Texas, a real estate broker must have a four year college degree of an equivalent number of college hours and pass a comprehensive real estate brokerage exam.
A listing agreement is a contract between a real estate owner and a real estate broker to market a property for sale or lease. A real estate broker charges a percentage of the sales price or a fee when the property sells and closes. In Texas, all listing agreements must be in writing. Texas Realtors use a listing agreement drawn by the Texas Association of Realtors. See a Sample Texas Real Estate Listing Agreement.
In a seller lease back, the seller receives a short-term lease on the home they just sold to the buyer. The lease is usually for a period of a few days, but can go up to several months. The main reason seller lease backs are used is to protect the seller from moving out of their home and having the buyer fail to close on the sale. Seller lease backs can also be used when a seller is not yet ready to move, but the buyer wants to lock in the sale by a certain date. Sellers will often use this at the end of a school year to allow their children to finish the school year before moving.
A financing contingency allows a buyer to terminate the purchase contract and receive a refund of their earnest money if the buyer is unable to obtain mortgage financing within a defined period of time. The contingency period is negotiated between the buyer and seller and usually lasts between 7 and 21 days. The buyer does not have to be disapproved for the mortgage, they only have to believe they will not be approved. The buyer must give written notice to the seller that they are terminating the contract under the financing contingency during the negotiated period. A financing contingency protects a buyer from losing their earnest money if they cannot obtain a mortgage loan on their home purchase.
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