June 9, 2008
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 a question to ask George & Chuck or fax it to 713-978-6684. 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.
