Agent representation, title insurance
Answers to real estate questions as appearing
in the Houston Chronicle
By george stephens, CRB, AND Charles J. "Chuck" Jacobus, JD
Dear George: If I sign an agreement to hire a REALTOR® to represent me in one county and I also want to look for property in another county, do I have to use the same REALTOR®?
Answer: No, you don't. The representation agreement that the REALTOR® should use defines in Section 3 the area in which that REALTOR® will represent you, the "market area." The market area in an agreement can be the entire state of Texas, a county, or even a block in a residential subdivision. However, you should use a separate representation agreement for each firm and market area; it would also be wise to tell each agent about other concurrent agreements you have in different market areas.
Dear George: We built a house in 2001 and refinanced it in 2003 with the same lender and title company. By far the largest cost of the refinance was re-buying title insurance. I'm considering refinancing again, but one of the negatives would be the cost of re-buying title insurance. What is the reason for having to re-buy title insurance when you refinance?
Answer: If you merely extend and renew an existing lien without creating a new one, there is no title insurance cost. The lender knows this, as does the title company.
E-mail your question to "Ask George & Chuck" or fax it to 281/596-7591. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
George Stephens, CRB, is the broker of ERA Stephens Properties. He is licensed as a mortgage broker in Texas and a real estate broker in Texas, Georgia, and Massachusetts.
Charles J. Jacobus, JD, is board certified by the Texas Board of Legal Specialization in Residential and Commercial Real Estate Law, and the author of Texas Real Estate Law and Texas Real Estate, both published by Thomson Publishing. He also teaches at Champions School of Real Estate and Houston Community College, and is an adjunct professor at the University of Houston Law Center.
George and Chuck are co-authors of Texas
Real Estate Brokerage and Law of Agency published by Thomson Publishing.
