Houston Real Estate - Irena Gorski Blog

Instead of doing traditional Open Houses, Houston real estate agents will be better off, having their listings
as an Open House 24/7 in Houston  Real Estate Videos 
due to recent Sign Ordinance Enforcement in Houston

            After some period of relative calm, Houston Sign Ordinance enforcement is back in the news.  Recent reports indicate “open house” signs photographed by city sign inspectors were later confiscated and fines levied against the listing agent (as much as $432 per sign per day) for violation of the Houston Sign Code.  Some of the violating signs had been placed in the roadway medians which are definitely off-limits.

            While signs provide some quick and direct advertising for real estate sales, signs placed in the wrong place can mean extra costs to your business. Brokers and their agents must be familiar with the Houston Sign Ordinances to avoid costly fines.  Here are the critical provisions:

            Sec. 4608 (c)(3) of the Houston Sign Code in part states:  any unlawful sign found within public right-of-way shall be seized and removed.  This includes the area by the side of the road and medians.

            Section 28-39 of the Code of Ordinances in part states:  It shall be unlawful for any person to place or cause to be placed any advertising matter of any kind whatsoever located in the public streets, public sidewalks alleyways, easements, public property or any other public place.

            Section 40-7 of the Code of Ordinances in part states:  It shall be unlawful for any person to erect, place, build, construct or maintain….sign or other obstruction upon any public street.....but the same shall be construed to prohibit and forbid every type and kind of obstruction....

            Citations carry a minimum fine of $300.00 with a maximum of $500.00 per day per sign. For more information, please visit the City of Houston's Sign Administration/Permits Webpage.

On July 30, 2009, the new Housing and Economic Recovery Act (HERA) laws will go into effect. They require all mortgage lenders and mortgage brokers to help prevent deceptive lending practices and protect customers by helping them become more informed.

Most of the changes will be very important to the Homebuyers, Real Estate Agents, Builders, and Settlement Agents. It means that we all need to prepare for this impact, the process and timelines for mortgage financing, because it could impact closing dates.

Right now Homebuyers and sellers can still agree on a closing date, and then service providers – including lenders – will work as best they can toward meeting that date.

With the new regulations, purchase contracts can still be written with a specific closing date in mind, but all parties need to take into account that the earliest time any home purchase transaction can close is 7 business days after the homebuyer is issued his or her initial mortgage disclosures from the lender.

With new regulations upfront fees cannot be collected by the lender (except for a credit report fee) until the initial disclosures are received. If the disclosures are overnighted, they are considered “received” the next business day—(excluding Sundays and Federal Holidays) allowing the fees to be collected on the following business day.

The homebuyer must receive a copy of his or her appraisal a minimum of 3 business days prior to closing.

An increase of more than .125% in the Annual Percentage Rate (APR) from the initial APR, the Truth in Lending Disclosure (TIL) requires the TIL disclosure to be revised and reissued to the homebuyer. The homebuyer must receive a revised TIL disclosure at least 3 business days before closing, providing the homebuyer with the time required to determine if the homebuyer is comfortable with his or her loan choice. If mailed, the TIL disclosure is considered “received” 3 business days after mailing. It means that this will add an additional 7 business days to the timing.
If the change is less than .125%, then no re-disclosure is required.
It is wise though, to plan on a minimum of 30 days to close, as well as to lock in the rate and fees as soon as possible.