Buying a new home in Texas can come with a world of advantages, but can also have its fair share of complications. Inspections, remodeling and expenses aside, it can be incredibly frustrating to discover that one of the parties involved has made a mistake on the contract. Of course, fine details can easily go overlooked, but when it comes to disclosure, it is important for new home owners to understand the basics.
The Balance shares some of the general guidelines involved in buying a home, including the small print. Contracts offer the buyer, seller and real estate agent a window through which all aspects of the transaction are considered. These aspects range from the date of closing to the condition of the property. But if a buyer becomes suspicious during this process, they may change their mind about buying the home altogether. The Balance emphasizes the importance of knowing the repercussions in such cases: consumers could risk losing their deposit or could even be sued for failing to complete the contract. Regardless of the reason, many consumers choose to opt out at the time when contingencies are being met.
There are countless reasons why a buyer might decide to back out of a contract. The Texas Association of Realtors provides state disclosure requirements under the Texas Property Code, which includes various aspects of disclosure. For instance, if a seller inherits a home and is unaware of any existing issues in the home, they are not required to provide a seller's disclosure notice to potential buyers. Yet if there are any material defects, the seller must disclose these issues with the consumer. There are different guidelines that apply to rental properties. The process of buying a home is certainly a complex one, but open contracts that give all of those involved a clear picture can make the process all the smoother.