©2010 j.
mcguire P O Box 1352, Bedford, Texas, USA 76095‐1352 Page 1
“Free House”
“A very misunderstood use of words”
The author will use terminology of real estate that is defined under Texas law.
In applying the same...
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©2010 j.
mcguire P O Box 1352, Bedford, Texas, USA 76095‐1352 Page 1
“Free House”
“A very misunderstood use of words”
The author will use terminology of real estate that is defined under Texas law.
In applying the same
principle of understanding in other states the names of the documents may be different.
The buying
of a house that requires external financing for purchase is not accomplished by a single legal
document but that of many legal documents.
The author will not comment upon the compliance requirements of RESPA, TILA, Reg.
Z, etc.
The following actions will be under supervision of a closing agent to assure that compliance with all
legal documents have been fully complied with.
At a minimum, for an externally financed house you
would need the General Warranty Deed, Promissory Note and the Security Instrument (Deed of
Trust).
The General Warranty Deed transfers the legal owner’s name of the real property from the seller to
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