A buyer should always get a new survey when purchasing any type of property, but it is especially important when purchasing a home. A survey is an official document done by a licensed surveyor that delineates the property boundaries (the lot lines) and diagrams where improvements like a home, swimming pool, garage, driveway, retaining walls, sheds or any other permanent building or fixtures are located on the property. The survey also shows recorded easements that could affect the use of the property. For example, there may be an easement for a gas or underground utility lines that runs through property. A homeowner could not build anything permanent in that easement. So, if a buyer was thinking of adding a pool in the backyard, and there was an easement running through it, the buyer would not be able to add the pool in that area.
A survey is also useful when a homeowner wants to add a fence or build any other improvements so that they correspond with the property lines. Structures built over the property lines could cause a boundary dispute with neighbors.
The title company that issues title insurance on the property will require a current survey that shows the improvements before issuing a title commitment. As part of a real estate purchase, the buyer contractually has a negotiated number of days after receiving the survey and the title commitment to make objections to encroachments or anything else that would affect the title or the use of the property. The lender reviews the title commitment and survey as well because the property is collateral for the loan. Both the title company and the lender must approve the survey.
At the bottom of the survey, there will be an official seal from the survey company that shows the date the survey was done. Flood zone information is also frequently found here too along with a description of the easements.
The number of homes on the market is up, the number of sales are down and prices are still remaining stable. Watch the video and download the report to get the full picture of what is going on in the Austin Real Estate Market today.
In a downward trending market, Days on Market are everything. The longer a home sits on the market, the lower the price you will get for it. Watch as Patrick talks about how pricing right at the beginning, gets your home sold for more.
1. Only 16% of homes on the market sell every month.
2. Only 3.28% of homes sell in the first 15 days on the market.
3. Of the total number of sold homes, about 24% sell in 15 days or less.
4. Homes that sell in the first 15 days, sell for 98.16% of asking price. Homes on the market longer than 120 days, sell for 88.63% of asking price.
Texas buyers should be familiar with the purchase contract before looking at homes they may want to purchase. Buying a home is an exciting and emotional event, and making an offer can be a little bit stressful if you aren’t familiar with the purchase contract. In Texas, our contracts are written by a committee of real estate attorneys and real estate agents who craft these documents together to protect both the buyer and the seller and thoroughly outline the terms and conditions of the real estate sale. The Texas Real Estate Commission promulgates these forms. Real estate agents are not attorneys and can only fill in the blanks on the forms and write in any business details in the special provisions section that don’t have legal consequences. Be sure to read over the forms that you will be executing in your home purchase before you go out and look for homes. After discussing them with your real estate agent, if you have questions about any part of the contract or the legal ramifications of what you are signing, consult a real estate attorney. Buying a home should be a joyful experience, and it will be even more so if you have read and understand the contracts you are signing before you have to use them.
The July Austin Real Estate Market Report is here! This month’s market report is bigger and better than ever before. This 11 page report contains information about the resale market, condo market, new construction and foreclosure markets. Watch the video as Patrick hits the highlights of the report and discusses some of what these numbers mean.
loves the unique nature of every transaction – every client and every house is a once in a lifetime combination of personality and architecture. more...
has real estate in her blood and a passion for serving home buyers and sellers. She is a native Austinite and a third-generation Realtor, seeking to continue a family legacy more...
delivers white-glove service to buyers and sellers in today’s fast-paced real estate market. Her approach to real estate is centered around building a lasting relationship with her clients. more...
