[dropcap]D[/dropcap]ear Terese,
I’m going to be helping my mother sell her home. I have Power of Attorney (POA). How will this affect the real estate transaction?
Peggy
Dear Peggy,
It can be an emotional time for the family, but since you already have the legal documents in place, the sale of property can move forward with listing the property with the person appointed as Power of Attorney. I can only follow the instructions of someone other than the property owner with a POA in place. The legal document authorizes me to discuss the transaction details including contract negotiations. The title company and our office will require a copy of the POA and identification verification of the person appointed.
Dear Terese,
I’m going to be building a new home with a builder in a new subdivision. The contract is very different from the standard 1-4 Family Residential Contract provided by TREC (Texas Real Estate Commission). Why do they have a different form?
Kevin
Dear Kevin,
A custom construction contract is an agreement for personal services and does not involve the sale real estate. The only TREC contract available for use are when the builder owns the real estate on which the home is constructed. Most builders use their own contract prepared by the builder. As a homeowner, you’ll want to make sure you are well informed going into the building process. Know your builder, check their designations, referrals, and visit as many homes as possible built by the builder. You may want to consider investing in an attorney to review the contract. Make sure you understand the ramifications of providing any upfront fees and whether or not they are refundable. I would also recommend an inspection by a 3rd party prior to closing to make sure the builder has completed all necessary final items brought to their attention at the walk thru with the builder.
Tip of the day: Laughter is the sun that drives winter from the human face. –Victor Hugo
Terese Peabody, Broker Associate, Stanberry & Associates
GRI, CRS, ABR, SRES, CNE, GREEN, CLHMS
400 Hwy 290 W, B-101, Dripping Springs, TX 78620
[email protected], www.tpeabody.com
512-894-3488 office, 512-699-7711 cell
