Property-Tax-Protest

How to Protest Your Property Taxes (and Win)

The property tax protest deadlines are fast-approaching, so if you find yourself in need of help or don’t know where to start in protesting, look no further! Last week Republic Title sponsored a webinar with Candysdirt.com and PropertyTax.io on How to Protest Your Property Taxes (and Win) to help provide valuable information on protesting property tax appraisals. During this hourlong event, over 350 participants learned the basics of property tax appeals and had the opportunity to ask a property tax protest expert questions. If you missed the webinar, you can view the full recording below and read answers to the most-asked questions and biggest takeaways from the event.

Hosted by property tax expert Glenn Goodrich of PropertyTax.io and CandysDirt.com founder and publisher Candy Evans, the wide-ranging discussion focused mostly on how recent property tax reform will impact the property tax protest process.

Top Tips and Q&A from the Webinar:

Q: How do you request the 14-day evidence report?
A: You must provide the appraisal district written notice at least 14 days prior to your scheduled Appraisal Review Board hearing date. I recommend sending in a certified letter right after you file a protest. In the letter simply identify your property and state that you are requesting the evidence the appraisal district will use in the hearing.

Q: Does the circuit-breaker cap apply with investment properties?
A: Yes, the circuit-breaker applies to all non-homestead real estate valued at $5 million or less. This includes investment properties, second homes (i.e. lake houses), and all types of commercial properties such as retail strip centers, office buildings, and industrial facilities.  

Q: How does the appraisal district determine the value of recently purchased properties?
A: Texas is a non-disclosure state, which means an owner is not obligated to share their purchase price with the government. Many appraisals district do have access to sales information for internal purposes though through an arrangement with the MLS providers. Sometimes appraisal districts rely on their party data sources that provide them sales information. 

Q: What is the best way to get comps?
A: If you have not hired a property tax firm and want to handle the protest yourself, it’s probably best to contact a Realtor to provide you with a Comparative Market Analysis (CMA). A CMA is just a starting place though, be sure and pick the properties you think are the most similar and account for differences such as pools, living size, interior finish out, lot (interior vs. creek or backing to traffic), garage spaces, etc.

Q: What evidence works best in a protest?
A: As an agent, most of my cases are won using the “Sales Comparison Approach” where we discuss the best recent sales and how they compare to my client’s property. There is more wiggle room in this argument than most people realize. Besides using sales, photos, and estimates of legitimate issues that have a serious impact on your value (over $10,000) works well. Avoid showing normal wear and tear issues … that backfires and hurts your case for a reduction. 

Q: Can land value be protested?
A: In a protest, you can only protest the “Total Market Value” which includes both the land value and improvement value. In a vast majority of cases, you cannot parse out land value. You must prove the total value is too high. It is possible to be high on the land, low on the improvement, but overall correct on the total value. Stick to recent sales, photos, and estimates (see my answer above).  

Q: How do you confirm that your homestead exemption is valid?
A: You can verify your homestead is still on record by checking the appraisal district’s website. There is a section that discusses exemptions, and your homestead exemption should be displayed there. Your homestead exemption should be valid as long as your current driver’s license address still matches your site’s address and you are not claiming a homestead exemption on another property. 

Source: Top Tips From Our Property Tax Protest Webinar Featuring Glenn Goodrich of PropertyTax.io – CandysDirt.com

Class-Calendar-Blog-Header

May Class Calendar

Republic Title is pleased to offer a variety of continuing education classes for our customers. Join us in May for classes including:

Escape Hatches for Buyers
In this class licensees will become familiar with specific conditions & contingencies within the contract and related addenda that, if not adhered to, could result in a Buyer’s valid termination of the contract.
May 8th
12:00 pm – 1:00 pm
Republic Title Frisco Office

Pricing Properties using RPR® CMA
RPR®’s CMA offers REALTORS® a distinct advantage in the marketplace. Join us to learn RPR®’s RVM (REALTOR® Valuation Model) and Refined Value section, along with how to make adjustments on the value of the home based on improvements, local market conditions, interior and exterior conditions, and so much more.
May 9th
10:00 am – 11:00 am
Zoom

Dodging Contract Danger Zones
This class focuses on specific sections within the TREC 1-4 Family Contract and other related contract forms that licensees should have a clear understanding of in order to steer clear of potential challenges.
May 9th
10:00 am – 11:00 am
Republic Title North Dallas

Maximize Productivity with ChatGPT: A Real Estate Agent’s Guide
Teaching real estate agents to use ChatGPT can improve their overall effectiveness and efficiency in serving clients. Come to this class to learn the many ways ChatGPT can help you create better listing descriptions, social media posts, scripts for videos & blogs, ad copy and so much more.
May 13th
10:00 am – 11:00 am
Republic Title North Dallas

Traps and Pitfalls for Licensees
This class draws attention to the issues most likely to cause problems for licensees in a real estate transaction including real estate fraud, missing effective date in the contract, ‘practicing law’ and more.
May 15th
10:00 am – 11:00 am
Zoom

Backup, Contingent & Multiple Offers
This class will prepare licensees to handle the unique aspects of backup, contingent and multiple offer transactions by reviewing pertinent TREC addenda along with critical dates and deadlines.
May 16th
10:00 am – 11:00 am
Zoom

Incredible Canva Tips and Tricks
Boost your listings and properties easily and efficiently using Canva’s beautiful real estate templates. Join us to learn new tips and tricks to make designing even easier and make marketing one of your new favorite tasks!
May 16th
12:00 pm – 1:00 pm
121 Shoreview Drive, Rhome 76078

Capture More Clients
Agents will be shown the various tools and landing pages available in the NTREIS MLS system that could be used to attract more business and help generate leads from buyers and sellers.
May 21st
10:00 am – 11:00 am
Zoom

Survey Issues
Join us for this class intended to help licensees understand surveys and the applicable paragraphs in the TREC 1-4 Family Residential Contract and prepare them for any potential survey issues that may arise.
May 22nd
12:00 pm – 1:00 pm
Republic Title Southlake Office

Death, Divorce & Real Estate
Join us to learn important laws surrounding death and divorce such as separation, homestead issues, community property and probate.
May 23rd
10:00 am – 11:00 am
Republic Title Plano Allen

Residential Education | REPUBLIC TITLE

City-fast-Facts-Website-Thumbnail-Parker

Spotlight on Parker

Click here for a printable version of the Parker Fast Facts and view all DFW Area Fast Facts here.

Whether you’re a lifelong resident or new to the area, there’s always something new to discover about your neighborhood.  With that in mind, we created a Fast Facts sheet for cities and neighborhoods all over the DFW area. Our DFW Area fast facts have detailed real estate insights, things to do, places to shop and some of our favorite restaurants in each area.

Parker, Texas, is a quaint rural town located in Collin County, northeast of Dallas. Known for its peaceful countryside setting and spacious residential properties, Parker offers residents a serene retreat from the hustle and bustle of city life. With its picturesque landscapes, friendly community atmosphere, and top-rated schools, Parker is an ideal place for those seeking a tranquil and family-friendly environment.

POPULATION

5.8K

AVERAGE HOUSEHOLD INCOME

$229K

MEDIAN AGE

40

HOUSING

96% OWN
4% RENT

AVERAGE SALES PRICE

$1.3M

AREA ACTIVITIES & FEATURES

• SACHSE HISTORICAL SOCIETY MUSEUM
• MUDDY CREEK NATURE RESERVE
• SACHSE PUBLIC LIBRARY
• JOE J. AND PATRICIA D. STONE PARK
• HAPIK DALLAS FIREWHEEL
• SALMON PARK

FAVORITE LOCAL DINING & DRINK SPOTS

SACHSE ICE HOUSE • BOP JOA •FRANKIE’S MEXICAN
CUISINE • OSAKA HIBACHI SUSHI AND BAR • WOODBRIDGE
CAFÉ • THE BRASS TAP • PRIMO BROTHERS PIZZA •
• PHO STATION • DOUGH GOURMET PIZZA • THE FILLMORE
PUB • TAQUERIA GUANAJUATO • YE SHIRE TAVERN •
• MR. PIDE • PANDA CHEF • GYROS & KABOBS • THE TIPSY
CHICKEN • MANNY’S TEX-MEX • SACHSE NUTRITION •

FAVORITE LOCAL SHOPPING

FIREWHEEL TOWN CENTER • LAVISH REALM • ALLEN
PREMIUM OUTLETS • AESTHETIC BOUTIQUE •

AVERAGE DRIVE TIMES

• DOWNTOWN DALLAS | 45 MINUTES
• DALLAS LOVE FIELD AIRPORT | 42 MINUTES
• DFW INTERNATIONAL AIRPORT | 37 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 50 MINUTES
• DOWNTOWN FORT WORTH | 65 MINUTES

Couple standing in front of their new home. They are both wearing casual clothes and embracing. Rear view from behind them. The house is contemporary with a brick facade, driveway, balcony and a green lawn. The front door is also visible. Copy space

Republic Title Answers Your Questions on Recent Changes to Homestead Exemptions 

Homestead exemptions are a form of property tax relief provided to homeowners who use their property as their primary residence.

In the ever-evolving landscape of property taxes, understanding the intricacies of exemptions can significantly impact homeowners.  Recent changes to the Texas Constitution and the Tax Code have impacted homestead exemptions and how Central Appraisal Districts (CADs) handle those exemptions.  

In this post, we will be discussing what homeowners need to know about Proposition 4, which increased the amount of the homestead exemption resulting in significant savings for Texas homeowners, and recent modifications to the Texas Tax Code requiring all CADs to verify a property owner’s eligibility to continue to receive their homestead exemption.

What is a Homestead Exemption?

Before diving into the changes, let’s clarify what homestead exemptions entail. Homestead exemptions are a form of property tax relief provided to homeowners who use their property as their primary residence, also known as their homestead. These exemptions reduce the taxable value of a property, resulting in lower property taxes for eligible homeowners.

Recent Changes in Texas Tax Code

In Texas, where property taxes are a significant revenue source for local governments, any amendments to the tax code draw attention. The recent changes to Section 11.43 of the Texas Tax Code require the CADs to put procedures in place to confirm, once every five years (at a minimum), that homeowners still qualify for their homestead exemption.  It is important to note that this change may require homeowners to reapply for the homestead exemption or to provide documentation to continue to receive the benefits.  

If a homeowner receives a letter from the CAD regarding the need to reapply for a homestead exemption, or to provide additional documentation, it is vital that the homeowner provided that information before the deadline stated in the letter.  Failure to do so may trigger the loss of the exemption and any other related property tax exemptions resulting in a higher tax bill.

Proposition 4

Proposition 4 was a constitutional amendment overwhelmingly approved by Texas voters in November 2023 that increased the amount of the homestead exemption from $40,000 to $100,000.  This means eligible homeowners can now enjoy greater reductions in their property tax burdens, providing welcome relief amidst rising property values and tax rates.

How to Apply For The Homestead Exemption

Understanding how to apply for a homestead exemption is crucial for Texas homeowners looking to benefit from property tax relief. While the process may vary slightly depending on the county, here are the general steps to follow:

  1. Determine Eligibility: Ensure that you meet the eligibility criteria for homestead exemptions in Texas. Generally speaking, you must own and occupy the property as your primary residence on January 1st of the tax year in which you apply for the exemption.  In some instances, it may be possible for a homeowner to apply for the homestead exemption immediately upon acquisition of the property.  If you have questions about when you may submit your application for a homestead exemption, please contact your local CAD.
  2. Gather Required Documentation: Collect the necessary documents required for the application process. This typically includes proof of ownership (deed or contract), proof of residency (driver’s license or voter registration listing the property address as your home address), and any additional documents requested by your local CAD.
  3. Complete the Application Form: Obtain the homestead exemption application form from your county’s appraisal district or download it from their website. Fill out the form accurately and completely, providing all requested information. For a list of North Texas CADs, visit Republic Title’s blog
  4. Submit the Application: Once you’ve completed the application form and gathered all necessary documentation, submit them to your county’s appraisal district by the CAD’s specified deadline. Most counties allow you to submit the application by mail, in person, or online, but those options may differ by county.
  5. Follow Up: After submitting your application, follow up with the CAD to ensure that they have received it and that there are no additional requirements or steps needed to process your application.
  6. Monitor Your Property Tax Bill: Once your homestead exemption application is approved, you should see the reduced exemption amount reflected on your next property tax bill. Monitor your tax bill to confirm that the exemption has been applied correctly.

The standard homestead exemption is just one of many exemptions in Texas. Other exemptions include the Disabled Veteran Exemption, Over 65 Exemption, Agricultural Exemption, and Disabled Individual Exemption. For more information on these exemptions, visit Republic Title’s website.  

By staying informed about the homestead exemption application process in your county, you can take advantage of the property tax relief available to Texas homeowners and maximize your savings. If you have any questions or need assistance with the application process, don’t hesitate to reach out to your county’s appraisal district or consult with a tax professional for guidance tailored to your specific circumstances.

Additionally, when navigating real estate transactions in North Texas, partnering with a trusted title company such as Republic Title can streamline the process and provide assurance. With our extensive experience and expertise in handling real estate transactions, Republic Title is the preferred title partner for North Texas real estate transactions. Our dedicated team is committed to delivering exceptional service and ensuring smooth and successful closings for our clients.

Source: Republic Title Answers Your Questions on Recent Changes to Homestead Exemptions  – CandysDirt.com

 
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March 2024 DFW Real Estate Stats

In March, there’s significant news across all reported counties: new and active listings have surged, particularly notable spikes seen in Collin and Denton counties. Despite this uptick in listing activity, inventory remains tight, with less than three months’ worth available.

Closed sales in Collin, Dallas, Denton, Rockwall, and Tarrant counties have seen an almost 10% increase each, except for Rockwall County, where there’s a notable decline of nearly 40% compared to the previous year. Additionally, noteworthy is the decrease in days on market across all counties except Dallas, where it has risen by almost 5% compared to last year.

Given the inventory challenges, it’s unsurprising that average sales prices have edged up slightly from the previous year, with increases of less than 5% across most counties. However, Dallas County stands out with a significant 14.9% jump in average sales price compared to 2023.

Even still, the spring and summer market is upon us and given that the DFW Metroplex is in the top 10 of people moving here, so it promises to be a busy selling season!

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

Earth Day 2016

History of Earth Day

Earth Day was founded in 1970 as a day of education about environmental issues, and Earth Day 2024 occurs on Monday, April 22. The holiday is now a global celebration that’s sometimes extended into Earth Week, a full seven days of events focused on green living. The brainchild of Senator Gaylord Nelson and inspired by the protests of the 1960s, Earth Day began as a “national teach-in on the environment” and was held on April 22 to maximize the number of students that could be reached on university campuses. By raising public awareness of pollution, Nelson hoped to bring environmental causes into the national spotlight.

Earth Day History

By the early 1960s Americans were becoming aware of the effects of pollution on the environment. Rachel Carson’s 1962 bestseller “Silent Spring” raised the specter of the dangerous effects of pesticides on America’s countrysides. Later in the decade, a 1969 fire on Cleveland’s Cuyahoga River shed light on the problem of chemical waste disposal. Until that time, protecting the planet’s natural resources was not part of the national political agenda, and the number of activists devoted to large-scale issues such as industrial pollution was minimal. Factories pumped pollutants into the air, lakes and rivers with few legal consequences. Big, gas-guzzling cars were considered a sign of prosperity. Only a small portion of the American population was familiar with–let alone practiced–recycling.

Did you know? A highlight of the United Nations’ Earth Day celebration in New York City is the ringing of the Peace Bell, a gift from Japan, at the exact moment of the vernal equinox.

Elected to the U.S. Senate in 1962, Senator Gaylord Nelson, a Democrat from Wisconsin, was determined to convince the federal government that the planet was at risk. In 1969, Nelson, considered one of the leaders of the modern environmental movement, developed the idea for Earth Day after being inspired by the anti-Vietnam War “teach-ins” that were taking place on college campuses around the United States. According to Nelson, he envisioned a large-scale, grassroots environmental demonstration “to shake up the political establishment and force this issue onto the national agenda.”

Nelson announced the Earth Day concept at a conference in Seattle in the fall of 1969 and invited the entire nation to get involved. He later recalled, “The wire services carried the story from coast to coast. The response was electric. It took off like gangbusters. Telegrams, letters and telephone inquiries poured in from all across the country. The American people finally had a forum to express its concern about what was happening to the land, rivers, lakes and air—and they did so with spectacular exuberance.” Dennis Hayes, a young activist who had served as student president at Stanford University, was selected as Earth Day’s national coordinator, and he worked with an army of student volunteers and several staff members from Nelson’s Senate office to organize the project. According to Nelson, “Earth Day worked because of the spontaneous response at the grassroots level. We had neither the time nor resources to organize 20 million demonstrators and the thousands of schools and local communities that participated. That was the remarkable thing about Earth Day. It organized itself.”

On April 22, rallies were held in Philadelphia, Chicago, Los Angeles and most other American cities, according to the Environmental Protection Agency. In New York City, Mayor John Lindsay closed off a portion of Fifth Avenue to traffic for several hours and spoke at a rally in Union Square with actors Paul Newman and Ali McGraw. In Washington, D.C., thousands of people listened to speeches and performances by singer Pete Seeger and others, and Congress went into recess so its members could speak to their constituents at Earth Day events.

The first Earth Day was effective at raising awareness about environmental issues and transforming public attitudes. According to the Environmental Protection Agency, “Public opinion polls indicate that a permanent change in national priorities followed Earth Day 1970. When polled in May 1971, 25 percent of the U.S. public declared protecting the environment to be an important goal, a 2,500 percent increase over 1969.” Earth Day kicked off the “Environmental decade with a bang,” as Senator Nelson later put it. During the 1970s, a number of important pieces of environmental legislation were passed, among them the Clean Air Act, the Water Quality Improvement Act, the Endangered Species Act, the Toxic Substances Control Act and the Surface Mining Control and Reclamation Act. Another key development was the establishment in December 1970 of the Environmental Protection Agency, which was tasked with protecting human health and safeguarding the natural environment—air, water and land.

Since 1970, Earth Day celebrations have grown. In 1990, Earth Day went global, with 200 million people in over 140 nations participating, according to the Earth Day Network (EDN), a nonprofit organization that coordinates Earth Day activities. In 2000, Earth Day focused on clean energy and involved hundreds of millions of people in 184 countries and 5,000 environmental groups, according to EDN. Activities ranged from a traveling, talking drum chain in Gabon, Africa, to a gathering of hundreds of thousands of people at the National Mall in Washington, D.C. Today, the Earth Day Network collaborates with more than 17,000 partners and organizations in 174 countries. According to EDN, more than 1 billion people are involved in Earth Day activities, making it “the largest secular civic event in the world.”

source: www.history.com

Where-to-see-wildflowers-in-dfw-2022

Where To See Wildflowers in DFW

Spring is in bloom, and along with warmer temperatures and more daylight, fields of flowers—including tulips or the state’s pride, bluebonnets—are one of the season’s gifts. Whether you’re looking for a family photo op or want to teach your kids about how flowers grow, you don’t have to go far to find spectacular displays. Here are some of our favorite spots across Dallas-Fort Worth.

Arbor Hills Nature Preserve
6701 W. Parker Rd., Plano

Bluebonnet Trail Greenbelt
Preston Meadow to Alma Rd., Plano

Bluebonnet Trails
201 NW Main St., Ennis

Cedar Hill State Park ($)
1570 FM 1382, Cedar Hill

Coppell Nature Park
367 Freeport Pwky., Coppell

Dallas Arboretum ($)
8525 Garland Rd., Dallas

Heard Natural Science Museum ($)
1 Nature Pl., McKinney

Fort Worth Botanic Garden
3220 Botanic Garden Blvd., Fort Worth

Fort Worth Nature Center & Refuge
9601 Fossil Ridge Rd., Fort Worth

Mt. Zion Cemetery
11872 MF 423, Frisco

The Rose Gardens of Farmers Branch
2610 Valley View Ln., Farmers Branch

Turtle Creek Conservancy
3333 Turtle Creek Blvd., Dallas

For more seasonal resources like this, head over to our DFW Area Resources page at: DFW Area Helpful Resources | Republic Title of Texas

Texas-Housing-Insight-January-2024

Texas Housing Insight January 2024 Summary

Housing sales rebounded from last month’s drop despite mortgage rates remaining at elevated levels. The average home price grew alongside sales, with the cost rising over $9,000 since December 2023. Single-family starts decreased while permits increased.

Home Sales Skyrocket

According to the latest data, Texas had a 14.6 percent increase in total home sales month over month (MOM), resulting in 29,209 homes sold (Table 1). Notably, all major cities in Texas experienced an upswing in housing sales compared to fourth quarter 2023. The most significant increase was in Houston (37.3 percent) with a remarkable surge of over 2,000 additional sales compared to December. The rest of the Big Four experienced strong monthly gains of over 10 percent.

The state’s average days on market remained unchanged with both Dallas and Houston hovering at 50 days for the second consecutive month. Both Austin (74 days) and San Antonio (64 days) recorded decreases, falling by four and three days, respectively.

Statewide active listings rose slightly to 105,475. For the second straight month, San Antonio (12,542) was the only one of the Big Four to post a monthly increase at 2.4 percent. Austin had the largest drop in active listings with a 2.4 percent loss to 8,109. Dallas (22,008) and Houston (24,699) had reductions of less than half a percent.

The state’s new listings rose to 43,817 in January. All four major metros posted monthly increases with San Antonio leading the way at 14 percent. Houston also had a strong increase of 9 percent. Amid the rise in active listings, the months of inventory (MOI) increased to 3.7. Dallas fell from 3.1 to 2.7 since November.by 0.5 percent in January.

Mortgage Rates Remain Below Peak Values

Treasury and mortgage rates remain below their elevated 2023 levels as the ten-year U.S. Treasury Bondyield rose four basis points to 4.06 percent. However, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate rose 18 basis points to 6.64 percent.

Permits Rise, Starts Unchanged

Texas’ single-family construction permits increased 1.8 percent MOM to 12,723 issuances. Dallas continued its fall from last month, dropping 2.6 percent to 3,415 starts while Houston experienced a minor fluctuation of less than 1 percent. Austin and San Antonio reported strong increases of 7.9 and 14.3 percent, respectively.

Construction starts fell alongside permits, according to data from Dodge Construction Network. Single-family starts decreased 1 percent MOM to 11,908 units. Austin reported the only monthly increase among the Big Four, rising just shy of 2 percent. Houston (1.3 percent) and San Antonio (0.5 percent) moderated. Dallas starts plummeted in January, falling 22.1 percent to 2,537 starts.

The state’s total single-family starts value climbed from $2 billion in January 2023 to $2.7 billion in January 2024. Houston accounted for a third of the state’s total starts value. Starts activity is up from last year as Austin and San Antonio posted moderate increases.

Home Price Changes Mixed after Last Month’s Plunge

The state’s median home price rose 2.8 percent, reaching $341,840 (Figure 1). Among the major metropolitan areas, Houston and Dallas recorded the only increases, with 3.3 percent and 1 percent, respectively. Conversely, San Antonio saw home prices decline by 4.3 percent, which was the lowest among the Big Four. Notably, Austin had previously experienced the most significant price surge of 4.2 percent, but median prices decreased by 0.5 percent in January.

The majority of sales fall into the $200,000-$300,000 and $300,000-$400,000 price range cohorts, accounting for 27 and 25 percent of total home sales, respectively.

The Texas Repeat Sales Home Price Index (Jan 2004=100) grew 0.3 percent MOM and remains 2.6 percent higher year over year. Austin’s annual appreciation remains well below the states average, falling to 3.2 percent.

Source – Texas Housing Insight | Texas Real Estate Research Center (tamu.edu) – Joshua Roberson (March 29, 2024)

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Spotlight on North Richland Hills

Whether you’re a lifelong resident or new to the area, there’s always something new to discover about your neighborhood.  With that in mind, we created a Fast Facts sheet for cities and neighborhoods all over the DFW area. Our DFW Area fast facts have detailed real estate insights, things to do, places to shop and some of our favorite restaurants in each area.

North Richland Hills, Texas, is a vibrant suburban city situated in the heart of the Dallas-Fort Worth metroplex. Boasting a strong sense of community and an abundance of parks and recreational facilities, North Richland Hills offers residents a high quality of life. With its diverse neighborhoods, excellent schools, and thriving economy, the city provides a welcoming environment for families and individuals alike.

Head to our website now to get all the details you need to stay up-to-date and in-the-know about your local neighborhood. Your community is waiting for you! republictitle.com/dfw-area-city-fast-facts

POPULATION

70K

AVERAGE HOUSEHOLD INCOME

$101K

MEDIAN AGE

39

HOUSING

65% OWN
35% RENT

AVERAGE SALES PRICE

$358K

AREA ACTIVITIES & FEATURES

• NRH2O FAMILY WATER PARK
• NYTEX SPORTS CENTER
• COMMON GROUND COMMUNITY GARDEN
• ADVENTURE WORLD PLAYGROUND
• IRON HORSE GOLF COURSE
• THE MAKER SPOT | COMMUNITY WORKS
• WALKER’S CREEK SOFTBALL COMPLEX
• ARTISAN CENTER THEATRE
• LINDA SPURLOCK PARK

FAVORITE LOCAL DINING & DRINK SPOTS

• BOULEVARD CAFE • BAJA CANTINA • ENCHILADAS OLE
• RED HOT & BLUE • MARISCOS EL MALECON • TOKYO
SUSHI • V’S HOUSE • MI PUEBLO • SUNNY STREET CAFE •
• SWEETIE PIE’S RIBEYES • THE CORNER CAFE • ZUROMA
BAR & GRILL • BACK FORTY SMOKEHOUSE • BOSSES
PIZZA • BRUTAL BEERWORKS • FALSE IDOL BREWING •
• HANGRY JOE’S HOT CHICKEN • OCHA THAI CUSINE •
• THE PATRIOTIC PIG • WHAT’S ON TAP • YUM YUM
KABOB • SPICY ZEST CAFE & BOBA • THIRSTY TURTLE •

FAVORITE LOCAL SHOPPING

• THE SHOPPES AT CROWN POINT • PAINTED TREE
BOUTIQUES • RICHLAND COMMONS • THE SHOPS AT
NORTHEAST MALL • SHABBY CHIC BOUTIQUE •

AVERAGE DRIVE TIMES

• DOWNTOWN DALLAS | 50 MINUTES
• DALLAS LOVE FIELD AIRPORT | 40 MINUTES
• DFW INTERNATIONAL AIRPORT | 20 MINUTES
• AT&T STADIUM & GLOBE LIFE FIELD | 30 MINUTES
• DOWNTOWN FORT WORTH | 22 MINUTES

**Print Version

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Understanding The Differences Between Title Insurance and Homeowners Insurance

When navigating the world of insurance, it’s important to know the difference between title insurance and homeowners insurance.

As a crucial aspect of homeownership, insurance plays a pivotal role in safeguarding your investment and providing peace of mind. For many homeowners, understanding the nuances between various insurance types can be daunting. At Republic Title, we frequently receive inquiries about the distinctions between title insurance and homeowners insurance. In this article, we’ll delve into the differences between these two essential forms of insurance and why they’re both vital for protecting your interests as a homeowner.

Title Insurance

Title insurance protects the homeowner and lenders against financial loss arising from defects in the property’s title or ownership rights. These defects could include undisclosed liens, encumbrances, errors in public records, or even fraudulent claims to the property. Unlike other forms of insurance that protect against future events, title insurance insures against events that occurred or liens that were filed before the date of the policy.  

Before a title commitment and policy can be issued a title company searches the property records to uncover any existing issues with the title, but even the most thorough title search may fail to uncover certain hidden defects. Title insurance provides a safeguard against these unforeseen issues.

There are two types of title insurance policies: Owner’s Policies and Loan Policies.  An Owner’s Policy protects the homeowner’s ownership rights and remains in effect for as long as the homeowner or their heirs maintain an interest in the property.  A Loan Policy ensures that the lender (if there is one) has a valid lien on the property and protects the lender’s interests in the property for as long as the lender’s mortgage is outstanding.   

Title insurance premiums, which are regulated and set by the Texas Department of Insurance, are a one-time fee typically paid at the time of closing.  In the event of a covered title defect, the title insurance policy will provide financial protection that includes, but is not limited to legal fees, settlement costs, and any loss in property value.

Before a home purchase can get the clear to close, it must make it through many hurdles. Republic Title has skilled staff available every step of the way.

Homeowners Insurance

Homeowners insurance, on the other hand, is a type of property insurance that provides financial protection against damage to the home and its contents, as well as liability for injuries or property damage caused by the homeowner or their family members. Unlike title insurance, which focuses on the property’s title, homeowners insurance primarily covers physical damage and liability risks associated with homeownership.

Homeowners insurance policies typically provide coverage for a wide range of perils, including fire, theft, vandalism, windstorm, hail, and water damage (excluding floods and earthquakes, which usually require separate coverage). In addition to damage to the physical structure of the home, homeowners insurance may also cover personal belongings such as furniture, clothing, and electronics.

In the event of a covered loss, homeowners insurance will reimburse the homeowner for repair or replacement costs, up to the policy’s coverage limits. Most homeowners insurance policies also include liability coverage, which protects the homeowner against lawsuits arising from bodily injury or property damage suffered by others while on the insured property.

Homeowners insurance premiums are typically paid on an annual basis. The cost of homeowners insurance will vary between insurance companies and due to factors such as the home’s location, construction materials, and the homeowner’s claims history. To ensure adequate coverage, homeowners should regularly review their insurance policies and adjust their coverage limits as needed to account for changes in property value or personal belongings.

Key Differences:

  1. Coverage Focus: Title insurance focuses on protecting against defects in the property’s title, while homeowners insurance primarily covers physical damage to the home and personal belongings, as well as liability risks.
  2. Nature of Risks: Title insurance protects against past events or defects in the title, while homeowners insurance protects against future events such as fire, theft, or liability claims.
  3. Payment Structure: Title insurance premiums are typically paid as a one-time fee at the time of closing, whereas homeowners insurance premiums are paid annually or in installments.
  4. Duration of Coverage: Title insurance remains in effect for as long as the homeowner or their heirs maintain an interest in the property, while homeowners insurance policies are typically renewed annually.
  5. Coverage Limits: Title insurance coverage is based on the property’s purchase price, while homeowners insurance coverage limits can be adjusted to reflect changes in property value or personal belongings.

In conclusion, while both title insurance and homeowners insurance are essential for protecting homeowners’ interests, they serve different purposes and cover different aspects of homeownership. By understanding the differences between these two types of insurance, homeowners can ensure comprehensive coverage for their property investments.

Source: Candysdirt.com – What Are The Differences Between Title Insurance And Homeowners Insurance? (candysdirt.com)