Real Estate Agent's Duties

El Paso Real Estate
Agent's Duties


Selling a house is one of the most important legal transactions you'll ever undertake. It's important to know your legal rights and understand the process.

Working with me, a Real Estate Agent In Texas, means my fiduciary responsibility is to you and not the buyer.  Real estate agents have what's called a "fiduciary duty" to the party who they are representing, in this case, the Seller. This means that they are held by law to owe specific duties to you as the seller. In addition to duties or obligations stated in a listing agreement, buyer representation agreement, or other contract of employment, a real estate agent's fiduciary duties include:

    * Loyalty
    * Obedience
    * Disclosure
    * Confidentiality
    * Reasonable Care and Diligence
    * Accounting

When a buyer finds a house they like to buy, his/her agent will put together and sign a purchase agreement, which is called   a "purchase and sale agreement," an "offer to purchase" or a "purchase offer contract," in Texas. The sales and purchase agreement should include the following information:

    * Parties
    * Property description
    * Conveyance of property
    * Purchase price
    * Permanently attached fixtures
    * Deposit amount
    * Settlement date and costs
    * Transfer and recording charges
    * Restrictions, easements or limitations
    * Financing
    * Buyer's duties and responsibilities
    * Seller's duties and responsibilities
    * Condition of property
    * Default provision
    * Inclusions and exclusions
    * Property insurance and risk of loss
    * Attorney's fees
    * Termite inspection
    * Radon gas disclosure
    * Environmental inspection
    * Lead paint disclosure


Inspection
It's always a good idea to hire an independent professional home inspection service before you buy a house. You can make your offer contingent on inspection.

The state of Texas has specific laws on what house inspectors can and should do during an inspection. In Texas, this includes inspection of the overall home construction and condition, including major mechanical systems, the plumbing system, the condition of the appliances, and optional systems such as swimming pools, lawn sprinkling systems, outbuildings, outdoor cooking equipment, security systems, gas lines, water wells, septic systems, and fire protection equipment.

Legal Title Issues
Your real estate lawyer or title company will investigate the legal title of the property you want to buy, and may find legal title issues you'll need to understand.

In Texas, for example, an implied easement may be present where there is an easement by necessity. Generally, whenever a transfer occurs that results in a "landlocked" parcel and there is no method of access whatsoever, except over the land retained by the seller, or over the land of a stranger, then the necessity is recognized. Another implied easement is recognized when land in one ownership is divided and, at the time of division, one portion is being used for the benefit of the other portion.

The property you're interested in may also be subject to a "lien," which is a charge on the property to satisfy a debt or other obligation owed by the current owner of the property. A lien encumbers property as long as it exists and has been recorded in the public records.

In Texas, liens on a piece of property may include:

    * Abstract of judgment
    * County assessments for road improvements
    * County litter lien
    * County weed and sanitary lien
    * Deed of trust or vendors lien
    * Federal estate tax lien
    * Federal income tax lien
    * Federal judgment lien
    * Federal lien securing a judgment imposing a criminal fine
    * Homeowners' association lien for assessments
    * Mechanic's lien by affidavit
    * Mechanic's lien contract
    * Miscellaneous state tax liens
    * Municipal assessments for street improvements
    * Municipal assessments for water/sewer systems
    * Municipal demolition lien
    * Municipal utility services lien
    * Municipal weed and sanitary lien
    * Solid waste facility remedial lien
    * State inheritance taxes
    * Surface coal mining reclamation
    * Unemployment taxes
    * Water district standby fees
    * Water district taxes

Closing Costs
"Closing costs" are those costs that include the mortgage broker's fee, discount points, appraisal and title search fees, insurance charges, survey fees and other charges associated with the legal transfer of the property. These costs typically amount to between 2% and 3% of the mortgage amount.

In Texas, the Buyer can expect to pay for the following closing costs at the time the buyer purchases a home:

    * Loan discount points
    * Loan origination fee
    * Underwriting fee
    * Processing fee
    * Administrative fee
    * Appraisal fee
    * Credit report
    * Tax service
    * Flood certification
    * Document preparation fee
    * Settlement or closing fee
    * Title insurance
    * Recording fee