Common Real Estate Closing Procedures

Real Estate Closing
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San Antonio, Texas lawyer Matthew Obermeier has practiced with Oliva, Saks, Garcia & Curiel, LLP, for nearly a decade. Matthew Obermeier has experience with multiple aspects of Texas real estate law, including escrow agreements and closing transactions.

In Texas, real estate closings do not need to be reviewed or formalized by an attorney. Real estate transactions follow escrow instructions, which are agreed upon by all involved parties. An escrow agent acts as a neutral intermediary on behalf of both parties and manages the property, deeds, and other assets until the transaction is complete. At the conclusion of this process, the escrow may be closed without a face-to-face meeting between the buyer and seller.

In most cases, the seller signs all the necessary closing forms at the estate agent’s office. Then, after signing all relevant documents, the buyer will transfer any closing costs and or other payments due to the estate agent or relevant representative. Once changes to the deed are officially registered, the buyer can take possession of the property.

Dividing Community Property during a Divorce

Matthew Obermeier
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As a family law attorney for the Texas legal firm Oliva, Saks, Garcia & Curiel, LLP, Matthew Obermeier represents clients in all stages of divorce. As part of these responsibilities, Matthew Obermeier has guided spouses based in and around southern Texas through court-mandated property division.

Texas is one of a handful of states that considers most of the assets accumulated during a marriage as community property. This means that all income, properties, and joint bank account balances are owned by each spouse on a 50/50 basis. During a divorce, all assets considered communal can be distributed among both parties.

Generally, spouses retain sole ownership of assets gifted to them individually, inherited assets, and some types of monetary awards for personal injuries. Partners at any time may convert separate property into community property by adding a spouse to a deed, title, or depositing pre-marriage earnings and savings into joint accounts.

While community property is considered owned equally by both spouses, it doesn’t mean that a judge will split the estate straight down the middle. Rather, Texas courts follow the principle of ‘just and right’ division, which considers each spouse’s circumstances, including their post-marriage earning potential, age, and health.

Seller Financing Under Texas Law

Matthew Obermeier
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Since passing the Texas bar over a decade ago, attorney Matthew Obermeier has handled real estate legalities for individuals and businesses. Matthew Obermeier focuses on a number of transactions involving federal and Texas law, including seller financing.

While sellers who wish to offer financing directly to buyers must adhere to several complex regulations, this type of real estate transaction is still an option in Texas. Seller financing can take several forms. In a traditional agreement, the buyer borrows a portion or the entire remaining balance after the downpayment directly from the seller.

In a wraparound transaction, the buyer pays the seller a monthly amount that the seller then uses to pay the mortgage lender. If a buyer refinances or receives a traditional loan, this can be used to pay off the wrap note, and the seller can collect his or her profit.

Since many seller-financing options are obligated to adhere to the Dodd-Frank Act and have licensing requirements, sellers should consult with a knowledgeable real estate attorney before entering into this type of agreement.

Going through Foreclosure in Texas

 

Matthew Obermeier
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Experienced attorney Matthew Obermeier earned his JD from the St. Mary’s University School of Law in San Antonio, Texas. A member of the State Bar of Texas for over a decade, Matthew Obermeier handles real estate law cases involving transactions and foreclosure proceedings.

Since Texas is a nonjudicial foreclosure state, homeowners who are behind on their mortgage payments may be required to evacuate their home without going through the court system. After offering a 20 day grace period to bring the loan current, lenders can legally initiate the foreclosure process.

Homeowners in Texas have no right to reclaim their property once the foreclosure process has started. Once the grace period has ended, the home may be put up for auction after 21 days. There are some legal options for homeowners facing foreclosure. Lenders may be able to modify the mortgage terms. In some situations, a homeowner may decide to file chapter 13 bankruptcy, which protects a primary residence from foreclosure.