How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55312
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Type Your Real Estate Law Question Here...
Richard is online now
A new question is answered every 9 seconds

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?)
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.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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.

Related Real Estate Law Questions