Click here for a printable version of our Homestead Exemption flyer. For more information, view a video covering Homestead Exemptions on our YouTube channel here.
The tax offices watch deed filings and update their tax records but as a new purchaser, you may need to notify the taxing authorities of your ownership in the chance that the deed filing is missed. You may do this by contacting the appropriate tax appraisal district in your county from the following list:
Tarrant County Appraisal District – 817-284-0024 – www.tad.org
Your property is assigned a single appraised value, which is sent to all taxing jurisdictions. The jurisdiction then applies the tax rate, as set by its governing body, to the appraised value.
In order to qualify for a residential homestead exemption you must provide the following to the Central Appraisal District when submitting your application:
A copy of the applicant’s Texas drivers license or Texas identification certificate.
IMPORTANT NOTE: The property address on the exemption application must match the address listed on the applicant’s Texas driver’s /Texas identification certificate; otherwise the Chief Appraiser is prohibited from approving the exemption.
**TAX EXEMPTIONS On January 1, value, ownership, legal description of the property and exemption status of the taxpayer is determined. Several forms of tax relief are available which may reduce the taxable value of your property. Applying for exemptions is the taxpayer’s responsibility. Some exemptions require a new application each year. Contact your appraisal district to learn more about the following exemptions and how to file for them:
• General Homestead Exemption • Over 65 Exemption • Disabled Individual Exemption • Disabled Veteran Exemption • Agriculture Land Exemption
TO RECEIVE YOUR EXEMPTION(S), YOU MUST OWN THE PROPERTY AND BE LIVING IN THE PROPERTY AS OF JANUARY 1ST. YOUR APPLICATION MUST BE APPLIED FOR ON OR BEFORE APRIL 30TH TO RECEIVE THE TAX BENEFITS FOR THIS YEAR, THIS IS A FREE SERVICE.
Remember, tax statements are generally mailed in October of each year. The taxes are payable on or after October 31st, however, you may elect to pay them as late as January 31st without penalty. Taxes become delinquent February 1st and on this date penalties and interest do accrue. If you receive a Tax Statement and your mortgage company is escrowing funds for taxes from your monthly payments, forward the statement to your mortgage company so that they can pay the taxes.
If the Central Appraisal District sends correspondence regarding your exemption, make sure to respond.
Republic Title of Texas, Inc. makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions.
We are thrilled to announce that we have been named the #2 𝗕𝗘𝗦𝗧 𝗣𝗟𝗔𝗖𝗘 𝗧𝗢 𝗪𝗢𝗥𝗞 for large size companies in 2020 by the Dallas Business Journal and the #7 Top Workplace for mid-size companies by the Dallas Morning News! This is the seventh year in a row that Republic Title has been named to both top workplace lists.
Whether you’re purchasing a new or existing home, or refinancing, title insurance protects you against any problems affecting the title to your home.
There are two types of title insurance: the owner’s policy and the lender’s policy. The owner’s policy protects your property rights as the homebuyer, whereas the lender’s policy insures the financial investment of the bank or lender. If someone else claims ownership of your property or a lien on your property, title insurance typically defends you legally and financially.
Here are some examples of things that may affect title:
Liens against the property that serve as security for the payment of an obligation, such as mortgage liens, judgment liens for unpaid court judgments, federal tax liens, state and local liens for failure to pay real estate taxes or assessments, mechanic’s liens to secure payment for property improvements, liens for recovery of child support payments and so on.
Easements which are rights granted to a third party to use a part of your property for a specific purpose. An example is an easement to a utility company to have power lines running along the back of your property.
Building or use restrictions contained in recorded plats, agreements or deeds.
Claims arising out of bankruptcy or decedent’s estates.
These are just some of the many reasons why getting owner’s title insurance is crucial when buying or refinancing a home.
When you refinance, you are obtaining a new loan even if you stay with your original lender. Lenders will usually require a new title search and lender’s policy to protect their investment in the property. A new owner’s policy is not necessary at this time as the one you received when you purchased the property is good for as long as you or your family own the property.
Owner’s title insurance is a one-time fee based on the value of your home. In Texas, rates are based on the sales price of the property and set by the Texas Department of Insurance. You can calculate title insurance premium rates using the insurance calculator found on our website. With a home being one of the largest investments you’ll ever make, it’s clear why getting owner’s title insurance is a smart option.
The November 2020 DFW area real estate statistics are in and we’ve got the numbers! Take a look at our stats infographics, separated by county, with MLS area stats on each county report as well! These infographics and video are perfect for social sharing so feel free to post them!
To see past month’s reports, please visit our resources section here.
For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.
The T-47 affidavit is a document used in Texas residential real estate transactions that accompanies an existing survey. This video with Republic Title’s Janet Allen and Scott Rooker covers the following key points when a T-47 affidavit is provided:
i. Date of survey in paragraph 4
ii. Construction projects on adjoining properties predating title
Republic Title was proud to sponsor the D Magazine State of the Residential Real Estate Market: 2021 Forecast featuring Robbie Briggs, Chris Kelly, and Dr. Luis Torres who shared their insights on the current market trends for Dallas.
Get owner’s title insurance and buy your home with confidence
Your long home-buying journey is almost over. You found the home you love, the seller agreed to your offer and now it’s time for closing. Of course, there’s a lot to think about right now, and the last thing you want is something to go wrong. So make sure you work with an experienced closing agent to help ensure the details come together and everything runs smoothly.
As soon as the seller accepts your offer, the behind-the-scenes work begins. You can expect closing to happen within 30 to 90 days.
1. Select a Closing Agent
If you are working with a real estate agent, with your permission, he or she may place an order with a closing agent/title company as soon as your sales contract is accepted.
Most homebuyers rely on their real estate agent to select a closing agent—someone they work with regularly and know to be professional, reliable and efficient. However, you can choose your own closing agent if you wish. The closing agent will oversee the closing process and make sure everything happens in the right order and on time, without unnecessary delays or glitches.
2. Contract + Earnest Money Delivery
Once your contract has been signed by all parties it is then delivered to the closing agent/title company of your choice. The closing agent reviews the contract for completeness. The agent will also deposit your earnest money into an escrow account, where the funds will remain until closing.
3. Title Search is Conducted
Once the title company receives your contract, the title company conducts a search of the public records. This should identify any issues with the title such as liens against the property, utility easements, and so on. After the title search is complete, the title company will provide you with a title commitment.
4. Title Insurance
There are two kinds of title insurance coverage: a Lender’s policy, which covers the lender for the amount of the mortgage loan; and an Owner’s policy, which covers the homebuyer for the amount of the purchase price. If you are obtaining a loan, the bank or lender will typically require that you purchase a Lender’s policy. However, it only protects the lender.
It is always recommended that you obtain an Owner’s policy to insure your investment. The Seller generally pays for the Owner’s policy and the Buyer generally pays for the lender’s title policy.
5. Obtain a Closing Disclosure
Your lender or the closing agent will provide a Closing Disclosure to you at least three days prior to closing that will show all of the charges and credits and what amount you have to bring to closing. Please note that any amount over $1,499.99 must be sent to the closing agent by wire transfer or cashiers check.
If you or your lender makes certain significant changes between the time the Closing Disclosure form is given to you and the closing, you must be provided a new form and an additional three-business-day waiting period after receipt of the new form. This applies if the creditor:
Makes changes to the APR above ⅛ of a percent for most loans (and ¼ of a percent for loans with irregular payments or periods)
Changes the loan product
Adds a prepayment penalty to the loan
If the changes are less significant, they can be disclosed on a revised Closing Disclosure form provided to you at or before closing, without delaying the closing.
6. The Finish Line: Prepare for Closing
As closing day approaches, the closing agent orders any updated information that may be required. Once the closing agent confirms with the lender and the seller, he or she will set a final date, time and location of the closing.
On closing day, all of the behind-the-scenes work is complete. While you’ve been busy packing, ordering utilities and coordinating the movers, your closing agent has been managing the closing process so that you can rest assured, knowing all the paperwork is in order.
This is a brief description of insurance coverages, products and services and is meant for informational purposes only. Actual coverages may vary by state, company or locality. You may not be eligible for all of the insurance products, coverages or services described in this advertising. For exact terms, conditions, exclusions, and limitations, please contact a title insurance company authorized to do business in your location.