Several changes to the Texas laws that affect real estate went into effect January 1, 2012. The changes affected the HOA resale certificate, owner's and lender's title policies, disclosure for private transfer fees, HOA guidelines for foreclosures, access to association records, and conducting open meetings, as well as paperless property-tax bills, appealing property appraisals without going to court (only in some counties), and tenants right to appeal eviction regardless of the ability to pay court costs.
The changes to the owner's and lender's title policies are minimal. Prior to January 1, 2012, title companies could always exclude coverage of the ownership of minerals, and would give the buyer a 2% credit. Now, the title companies are not required to provide a 2% credit on the cost of the owner's policy for the exclusion.
Also now, title companies are not required to insure loss from damage to property resulting from the use of the surface of the land to extract minerals. Previously, if a title company excluded minerals from coverage, they would have to insure against damage, if the buyer requested, by issuing an endorsement to the owner's policy, which cost $50.00. This endorsement is still available for the lender's policy at no charge to the lender's policy. However, the endorsement for the owner's policy will still cost $50.00.
