Whether you are buying your first home, selling property you no longer want, or are involved in a commercial property venture, proper real estate documentation is critical to protecting your rights and investments. New & Hall is associated with a Dallas based title company and can handle large or small real estate closing transactions. If you do not need the full services of a title company, we can also prepare simple deeds, loan agreements, real estate security documents, or just about anything else you might need. Frequently, we can draft documents on a fixed rate basis. Let us know how we can help you.
Deed of Trust – When someone purchases real estate, the seller signs a deed that transfers ownership. If the buyer borrows money, he must sign a legal document from the bank or other lender providing the loan for the property. Most states call the loan document a mortgage, but some states, including Texas, use a Deed of Trust. The purpose of the Deed of Trust is to secure the lender’s right to be repaid by the buyer. A Deed of Trust allows a lender to foreclose on the real property if the loan is not repaid. Sometimes people sell property and agree to accept payments from the buyer rather than involving a bank. Property sellers may also secure their right to repayment through a Deed of Trust.
Promissory Note – If you are financing the purchase or sale of property, you should have the repayment terms set out in writing so that there is no confusion. A promissory note sets out the monthly payment amount, the interest rate charged, the monthly due date for payments, and all other items that parties have agreed upon. Texas does not allow a verbal agreement when buying or selling real estate. Proper documentation is imperative to successful real estate transaction.
Deeds – There are several types of property deeds in Texas. Some transfer ownership of property immediately. For example, you may receive a General Warranty Deed or a more limited Special Warranty Deed. Others, like a Lady Bird Deed, transfer some rights to property now and more rights later.