| (a) A final appraisal is required by the Department
on each property prior to loan closing.
(b) Title Commitment.
(1) A copy of the preliminary title report including
complete legal description and copies of all schedules, covenants,
conditions and restrictions, easements, and any supplements thereto
is required at the time of submission, and must not be more than 90
days old.
(2) Title commitments must list the Department's Loan.
(3) The final title commitment or title report submitted
to the Department to draft Loan documents should not be more than
30 days old at the time of the submission in order to remain valid
and effective at the date of the loan closing. Title commitments older
than 90 days are no longer valid and must be updated prior to the
date of loan closing.
(c) For acquisition of existing Single Family Housing
Unit that will not be rehabilitated, a property inspection will be
required to be completed by an inspector licensed by the Texas Real
Estate Commission. A copy of the inspection report must be submitted
and any deficiencies listed on the report must be corrected prior
to closing. Cosmetic issues such as paint, wall texture, etc. may
not be required to be corrected if utilizing a self-help construction
Program. A copy of the inspection report must be provided to the Owner-Builder
Applicant and the Department. The Administrator or the Owner-Builder
Applicant will be responsible for the selection and the fee of the
licensed inspector.
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