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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55001
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Texas Real estate Law: Regarding HUD-1 statement and CASH

Customer Question

Texas Real estate Law: Regarding HUD-1 statement and CASH deal, is it required by Texas Law to file & submit this document? My associate claims he went through the entire home sale process, however, his wife hired a Private investigator that attempted to retrieve his HUD1 via the Freedom ofinformation Act but was unsuccessful?Although being "of-the-grid" sort of speak was the idea, he wants to make sure he actually sold the house. He got paid and the buyer got the house... but was it real?And what part does the title company play with cash deals / and reporting information?Here are the documents he has;
1. The HUD-1
2. Signed and delivered a warrant deed
3. real estate purchase agreement
4. sellers affidavit
5.Affidavit of Title Made by Owner Selling Real Property (?I'm not familiar with on cash deals?)
6. "ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE)"(?I'm not familiar with?)
7. escrow receiptwas there additional information he needed or didn't need? Please help
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Good morning. Yes, he sold the house. Title is transferred by deed. If he signed and delivered the deed, the title has been transferred. The signed HUD evidences how the purchase price was paid and how it was distributed. The HUD is not required to be recorded anywhere. He has all the documents that one would have in the sale of real estate. The title company's role, whether the deal is a cash deal or involves a loan, is to receive the purchase price and to collect the signed documents from all parties and then when the title company has everything, to record the deed and to disburse the cash pursuant to the HUD.

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Customer: replied 1 year ago.
signed and delivered the deed"... does that simply means signed by both parties and handed over to the buyer?.. "title company has everything to record the deed and to disburse the cash pursuant to the HUD"... what should have been done or signed to not have the title company file the deed?
Expert:  Richard replied 1 year ago.

It's very unusual that a buyer doesn't want the deed recorded; BUT it is not required. All that is required is that the deed be signed and handed over to the buyer. If that's what the buyer has requested, the title company would have done so; there is no legal requirement that a buyer record the deed. But, as I said, the buyer's decision not to record is at the buyer's risk.

Customer: replied 1 year ago.
the term 'deed' and 'warranty deed' interchangeable..relative to a cash sale? ... or could it be different?
Expert:  Richard replied 1 year ago.

The deed transfers title. The "warranty" term simply designates the type of deed. There are basically 3 types of deeds.: i) quit claim (where the grantor agrees to transfer whatever interest the grantor owns, without any warranty, ii) a special warranty deed where the grantor warrants the grantor did not do anything during the grantor's ownership to negatively impact title; and iii) a general warranty deed where the grantor warrants title prior to and during grantor's ownership.