Q: I am a transaction coordinator for several real estate agents in Texas. I find there are varying opinions about terminating an executed and receipted contract. I have been trying to research it, and I'm having trouble finding answers. I hope you can help. In the state of Texas with an executed and receipted contract, either unimproved property or residential contract, can the seller terminate if the buyer has not defaulted on any provisions of the contract? Second, if the buyer wants to terminate the contract, don't they always need a notice of buyer to terminate contract form, in addition to a release of earnest money? Don't they address two different things?
 
A: The answer to your first question is, "No." If the seller terminates without the buyer's violating any provisions of the contract, the seller opens himself/herself up to the provisions of Paragraph 15, Default. The answer to your second question, is "Yes." When the buyer wants to terminate the contract, it is done by sending the notice of buyer's termination of contract form, and also the release of earnest money form. In answer to your third question, "Yes." They are two different forms and usually both are required to be sent to the other party.
 
Q: My girlfriend is trying to get the deed to her home that her father paid off in full last year. The county (Polk) in Florida says it was never recorded therefore she doesn't know what to do or where to go. She needs the deed for a loan from the bank for legal issues.
 
A: We only answer questions dealing with Texas issues. We suggest your girlfriend hire a Florida attorney and ask him or her what can be done pertinent to the real property records of Polk County, Florida. When interviewing attorneys in Florida, ask the same pertinent questions you would if hiring a Realtor, such as "How long have you been practicing law in Florida," and "What is your experience with estates, wills and probate," etc.
 
Q: I'm considering buying some homes, fixing them up and then selling them. I believe I can make more money if I also provide owner-financing. A friend told me, however, I would have to get a license to function as a mortgage originator. Is this true?
 
A: The Texas Finance Code, Chapter 156 has a de minimis exemption from licensure for an owner of real property who in any 12 consecutive-month period makes no more than five mortgage loans to purchasers of the property for all or part of the purchase price of the real estate against which the mortgage is secured.
 
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Tim