THE COMPLETE GUIDE
TO BUYING AND SELLING
A HOME IN THE
DFW METROPLEX
Everything you will need to
know from Contract to Closing.
Julie Walter
VP of Business Development
The Baker Firm - Fidelity National Title
Cell: 817-996-4488
Office: 817-442-1111
[email protected]
If you are already working with a real estate professional, please disregard this solicitation.
Julie Walter
VP of Business Development
The Baker Firm - Fidelity National Title
Cell: 817-996-4488
Office: 817-442-1111
[email protected]
If you are already working with a real estate professional, please disregard this solicitation.
PRICING TO SELL
Once you’re ready to put your home on the market, it’s important to price it to sell quickly
and close to your initial list price. Many factors contribute to the value of your home
Understanding them and enlisting the help of a real estate agent can help you price
your home to sell.
CURRENT MARKET VALUE COMMON TERMS
The best way to assess the current
market value of your home is to ask days a property has been listed on
the market. A higher DOM can signal
a real estate agent to conduct a an unrealistic sales price.
The CMA is usually free and helps Inventory- The number of homes for sale
determine the fair market value of
your home based on evaluation of A small inventory indicates a high demand
recently sold homes in your therefore, higher prices.
neighborhood that match your
home’s age, features and size. Seller’s Market- A real estate market
characterized by small inventories and
short DOM. It’s common for multiple offers
CONSIDERATIONS WHEN SETTING to be made on properties, sometimes
THE PRICE exceeding the list price.
Location- A desirable location Buyer’s Market- Occurs when sales slow
(proximity to desirable amenities) and inventory accumulates. This market
adds the most value. is characterized by high DOM and galling
sales prices, giving buyers greater
Seller Needs- Is there a need to sell opportunities.
quickly? Is the sale contingent on
another sale? Balanced Market- Usually a transitional
phase between a Seller’s and Buyer’s
Market when neither party has an
Season-More homes are listed advantage over the other.
between spring and summer,
creating more competition. Median Sales Price- The midpoint between
the most expensive house and least
expensive house sold in an area during
Condition of the Home- Does the a specific time.
home have strong curb appeal or
attractive features? Price Discount- The difference, usually
expressed as a percentage, between the
Other Factors- Current interest rates, initial list price for a home and the final
economic conditions, crime rates, etc. salse price.
ORAL LEASES
__ Yes __ No If yes, provide details: _____________________________________________________
WHO PAYS FOR WHAT IN
TEXAS
Below you will find the customary distribution of expenses for the purchase of real estate in Texas.
Keep in mind that many of these items can be negotiated by either party at the time of the offer,
excluding some expenses the lender requires the seller to pay.
BUYER TYPICALLY PAYS FOR BUYER TYPICALLY PAYS FOR
• Escrow fees • Real estate agent’s commission(s )
• Document preparation (if applicable) • Escrow fees
• Recording changes for all documents related to the transfer • Payoff all loans in the seller’s name (unless the existing loan balance
of title to the buyer is being assumed by the buyer) including:
• Prorated share of taxes (from the date of acquisition) - Interest accrued to the lender that is being paid off
• All new loan charges and fees (except those the lender - Statement fees, release fees and any prepayment
requires the seller to pay), including: penalties
- Appraisal - Credit report • Home warranty (according to contract terms)
- Tax service fee • Any judgments, tax liens, etc. against the seller
- Loan origination/discount fee - Reserves for taxes and insurance • Prorated share of taxes (for any taxes unpaid at the
- Flood certification time of transfer of title)
- Mortgage insurance premium • Any unpaid homeowners association dues
• Title insurance premium: Lender’s Policy • Recording charges to clear all documents of record
• Interest on the new loan from the date of funding to 30 against the seller
days prior to the first payment date • Any outstanding assessments
• Inspection fees • Any and all delinquent taxes
• Homeowner’s transfer fee (if applicable) • Title insurance premium: Owner’s Policy
• Fire insurance premium for the first year • Seller credit for closing costs (according to contract terms)
This product is being provided as a general service to the community at large without the condition of the referral of title insurance business. Fidelity National Title / makes no express or implied warrant
with respect to the information contained herein and accepts no liability for the consequences of any actions taken on the basis of said information.
PROPERTY TAX APPRAISAL
ANNUAL HOME VALUE
APPRAISAL
To file on line, visit
On January 1, your home’s If not, you can keep your date
appraised value for the year is your Appraisal District with the ARB, or technically, with
based on its condition and what a three-member panel of ARB
the property could sell for on www.collincad.org members. Before that hearing,
January 1. The appraisal district you have a right to see all of the
arrives at a figure by calculating information the district apprais -
the market value of your proper - www.dallascad.org ers plan to present, so be sure to
ty. Your home’s condition is key contact the appraisal district to
as you look at factors that may request those document
affect the value. Any damage or www.tad.org
improvements after this date, for
example, a hail storm damages
your roof in April, or you install
the addition of solar panels in
July, will not affect the taxable
value of your home in this years. If you take your case to the ARB,
come prepared and expect a
rapid-fire proceeding. The entire
hearing will likely take 15 to 30
HOME VALUE/ APPRAISAL MEET WITH THE APPRAISAL minutes. In that time you will be
ARRIVES IN MAILBOXES STAFFER AND THE ARB placed under oath and given a
chance to present any evidence
or witness supporting your case.
Late April-Early May, a piece of In June, following the filing of You must conclude by stating the
mail arrives from the appraisal your "Notice of Protest," your figure you believe your property
district, telling you the value of Appraisal District will send you a is worth. Someone from the
your home for tax purposes. Look letter with two dates: an informal appraisal district will likely ques -
over the numbers carefully. If meeting with an appraisal staffer tion you and provide additional
your property is not described and your formal hearing date evidence. Then you can question
correctly or if the valuet looks with the ARB, a group of
the appraiser or any witnesses
out of whack, you can protest it. independent residents
presented by the appraisal
appointed to hear these district. Members of the ARB can
challenges. During the informal ask clarifying question, too.
meeting, the staffer will review Finally, each side gets to make a
the numbers with you. Bring all of
closing statement, so once again
DEADLINE TO FILE A your documentation:
you’ll want to reiterate what you
"NOTICE OF PROTEST" Information on comparable believe your property is worth
homes (records are available on and why. The three-member
May 15 is the deadline for filing a the appraisal district’s website), panel will discuss the case and
"Notice of Protest" of your perhaps an independent reach a recommended value
appraised value. What’s the best appraisal if you recently
way to file? You have a couple refinanced your house, or
options. You can use the form on photos, repair estimates and
the back of the "Notice of other records showing damage
Appraised Value" that you that may devalue your home.
received from the appraisal Once you and a staffer have
district or you may be able to file hashed it out, the district may
your protest online. offer to reduce your value by a
certain amount. If you’re
satisfied, you can accept it.
NORTH TEXAS VEHICLE REGISTRATION
& DRIVERS LICENSE LOCATIONS
TEXAS DRIVER LICENSE TEXAS VEHICLE REGISTRATION
If you already have a Texas Driver License you To change your address or obtain a copy of your
can change your address online by going to vehicle registration receipt contract the
the Texas DPS locations. To obtain a new Tax Assessor/Collector Vehicle Registration Office.
Texas Driver License you will have to go in
person to one of the Texas DPS locations. COLLIN COUNTY TAX OFFICE LOCATIONS
Mckinney-2300 Bloomdale Rd #2302, 75071
McKinney-400 Power House St, 75071 Plano-920 E Park Rd #100, 75024
Texas DPS Customer Service Center
Frisco-6101 Frisco Square Blvd #2000, 75034
Plano-2109 W Parker Rd #224, 75023
DENTON COUNTY TAX OFFICE LOCATIONS
Denton-1505 E Mckinney St, 75069
Denton-820 North Loop #288, 75069
Lewisville-190 N Valley Pkwy #202, 75067
Lewisville-190 N Valley Pkwy #201, 75067
Carrollton-1029 W Rosemeade Pkwy, 75007
Carrollton-2625 Old Denton Dr # 484, 75007
Colony-6301 Main St, 75056
Crossroads- 1400 FM #424, 76227
Carrollton-2625 Old Denton Dr #484, 75007
Dallas Downtown- 1500 Marilla #18, 75201
E. Dallas-11411 E NW Hwy #111, 75218 Downtown-500 Elm St, 75202
SW Dallas-5610 Red Bird Center Dr #500, 75237
Duncanville- 100 E Wheatland Rd, 75116
Garland-350 W Interstate 30, 75043
Garland-140 N Garland Ave, 75040
Grand Prairie-550 S Carrier Pkwy #570, 75051
Grand Prairie- 525 W Hwy #303, 75050
Irving-1003 W 6th St, 75060
Richardson-516 Twilight Trail, 75080
Cedar Hill-116 W Beltline #2. 75104
North Dallas- 10056 Marsh Ln, 75229
Oak Cliff-408 S Beckley, 75203
Arlington-3901 W Arkansas Ln #111, 76016 Irving-530 N O'Connor Rd, 75061
Ft. Worth-6413 Woodway Dr- 76133 Mesquite-210 W Grubb, 75104
Hurst-624 NE Loop 820, 76053
Lake Worth-6316 Lake Worth Blvd, 76135 Weatherford- 100 E Weatherford St, 76196
________________________________
Arlington-700 E Abram St, 76010
________________________________
Southlake-1400 Main #110, 76092
1112 Santa Fe Dr, Weatherford, 76086 ________________________________
Mansfield-110 E Broad, 76063
________________________________
Northeast-645 Grapevine Hwy, 76053
.________________________________
Northwest-6713 Telephone Rd, 76135
2 North Mill St, Cleburne, 76033 ________________________________
Poly-3212 Miller Ave, 76105
________________________________
Southwest-6551 Granbury Rd, 76113
________________________________
TEXAS
HOMESTEAD
EXEMPTION
DO I, AS A HOMEOWNER, GET A TAX BREAK FROM PROPERTY TAXES?
You may apply for homestead exemptions on your principal residence. Homestead exemptions remove part of
your home's value from taxation, so they lower your taxes.
WHAT IS A RESIDENCE HOMESTEAD?
A residence homestead can be a separate structure, condominium or a manufactured home located on owned or
leased land, as long as the individual living in the home owns it. A residence homestead can include up to 20
acres, if the land is owned by the homeowner and used for a purpose related to the residential use of the
homestead.
WHAT HOMESTEAD EXEMPTIONS ARE AVAILABLE?
School taxes: All residence homestead owners are allowed a $40,000
residence homestead exemption from their home's value for school taxes.
County taxes: If a county collects a a special tax for farm-to-market roads
or flood control, a residence homestead is allowed to receive a $3,000
exemption for this tax. If the county grants an optional exemption for
homeowners age 65 or older or disabled, the owners will receive only
the local-option exemption.
Age 65 or older and disabled exemptions: Individuals age 65 or older
or disabled residence homestead owners qualify for a $10,000 residence
homestead exemption for school taxes, in addition to the $40,000
exemption for all homeowners. If the owner qualifies for both they
must choose one or the other for school taxes.
Optional percentage exemptions: Any taxing unit, including a city,
county, school, or special district, may offer an exemption of up to 20%
of a home's value. No matter what the percentage is, the amount of an
optional exemption cannot be less than $5,000. Each taxing unit decides
if it will offer the exemption and at what percent. CLICK DOWNLOAD TO VIEW MORE
DETAILS AND EXEMPTIONS
Optional age 65 or older or disabled exemptions: Any taxing unit may AVAILABLE TO YOU.
offer an additional exemption amount of at least $3,000 for taxpayers
age 65 or older and/or disabled.
WHO QUALIFIES FOR THIS EXEMPTION?
These requirements must be met to receive the exemption:
1. Homeowners can now file for homestead exemptions in the year when they purchase the property.
2. Only individual homeowners or qualified trusts (not corporations or other entities) may receive a
homestead exemption.
3. A homestead can be a house, condominium or a manufactured home. It can include up to 20 acres, if the
land is also owned by the homeowner and used as a yard, or for another purpose related to the
residential use of the home.
HOW DO HOMEOWNER’S APPLY?
1. Complete the APPLICATION FOR RESIDENTIAL HOMESTEAD EXEMPTION (attached here and available on the websites
of most county appraisal districts, or at the Texas Comptroller’s website at https://comptroller.texas.gov/taxes/property-tax/
2. Include a copy of your DRIVER’S LICENSE or IDENTIFICATION CARD from the Texas Department of Public Safety at
https://www.dps.texas.gov/. The address MUST MATCH the homestead address. For more information, contact your local
county appraisal district office, or visit http://comptroller.texas.gov/taxinfo/proptax/exemptions.html
ALEDO | BURLESON | ENNIS | FORT WORTH | SOUTHLAKE | WAXAHACHIE