Buying property in Dallas can be one of the most exciting — and expensive — decisions of your life. Whether it’s your dream home in Highland Park, a rental duplex in Oak Lawn, or a commercial space in Uptown, every deal comes with hidden legal traps that can cost you thousands if you’re not careful.
At Wallace Law, PLLC, we’ve represented Dallas buyers, investors, and developers for years. We’ve seen people lose earnest money, inherit costly liens, or get stuck in bad contracts — all because they signed before consulting a real estate attorney.
So before you pick up that pen, here’s what you need to know.
🏠 1. The Fine Print in Dallas Purchase Contracts Isn’t Always “Standard”
Many buyers assume real estate contracts in Texas are “standard” or can’t be changed. That’s one of the biggest myths in property law.
The Texas Real Estate Commission (TREC) provides approved forms, but these are just templates — and they’re not designed to protect you, the buyer. They’re neutral at best.
Hidden in those paragraphs are clauses that can:
- Limit your right to back out if financing falls through
- Pass repair costs or title issues onto you
- Set unrealistic closing timelines that favor the seller
Before signing a TREC contract or custom purchase agreement, have a Dallas real estate attorney review it. At Wallace Law, we negotiate changes that protect your earnest money and minimize risk — before it’s too late.
🏗️ 2. Hidden Liens, Easements, and Title Defects Can Derail Your Deal
Dallas is booming, but that growth comes with messy title histories — especially for older neighborhoods and commercial tracts.
Common title problems we see include:
- Unreleased mechanic’s liens from prior renovations
- Boundary disputes where fences or driveways encroach on neighboring property
- Easements that restrict how you can use your land
- Old judgments or unpaid taxes tied to previous owners
A title company will issue a report, but it’s not their job to explain what these issues mean for your deal. Your attorney should review the title commitment, Schedule B exceptions, and survey to make sure there are no surprises at closing.
At Wallace Law, we help Dallas buyers clear title issues before they become financial disasters.
🧱 3. “As-Is” Doesn’t Always Mean You’re Stuck With It
Texas real estate contracts often include “as-is” clauses — meaning the seller won’t make repairs or guarantee condition. But that doesn’t mean you’re powerless.
Under Texas law, sellers still have a duty to disclose known defects that could materially affect the property’s value.
Examples include:
- Foundation cracks
- Roof leaks
- Termite damage
- Flooding or drainage issues
- Mold or environmental hazards
If a seller hides or misrepresents a known defect, they could face serious legal liability. Our firm regularly advises Dallas buyers on how to handle these disputes, whether through negotiation, contract cancellation, or legal action.
🏢 4. Commercial Property? Double the Caution.
Commercial real estate in Dallas is a high-stakes game — and far less regulated than residential deals.
From strip malls in Plano to warehouses in Garland, commercial buyers face complex issues like:
- Zoning and land use restrictions
- Environmental compliance
- Triple-net lease structures
- Tenant estoppel certificates
- Financing and SBA lending terms
Each commercial purchase agreement should be custom-drafted to address the unique risks of the property and your investment strategy.
At Wallace Law, PLLC, we represent developers, private lenders, and business owners in every phase of the commercial transaction — from due diligence to closing and beyond.
💰 5. Earnest Money and Option Fees: Know Your Exit Rights
In Texas, earnest money and option fees are small amounts with big consequences.
If you back out of a deal without legal grounds, you could lose thousands in deposits — or face a seller’s breach-of-contract claim.
Your attorney should:
- Review financing contingencies to ensure you can cancel if your loan falls through
- Negotiate inspection periods to allow time for proper due diligence
- Confirm deadlines for termination notices and closing extensions
At Wallace Law, we help Dallas buyers understand their exit options before signing — not after problems arise.
📋 6. Title Insurance Isn’t a Cure-All
Many buyers believe title insurance will protect them from any future claim. Unfortunately, that’s not always true.
Title insurance policies include exclusions and exceptions — often the very issues that cause problems later, like unrecorded easements or boundary disputes.
We review your title commitment and ensure you’re getting the right endorsements, including coverage for:
- Access rights
- Encroachments
- Zoning violations
- Restrictive covenant violations
Our Dallas real estate team ensures your coverage actually matches your risk.
🏡 7. The Importance of a Real Estate Attorney at Closing
In many Dallas closings, title companies or agents handle most of the paperwork — but they can’t give legal advice. Only an attorney can explain what you’re signing, how it affects your rights, and whether something needs to be changed.
Having an attorney on your side ensures:
- The deed and loan documents are accurate
- All liens are properly released
- Funds are disbursed correctly
- You’re protected from post-closing disputes
At Wallace Law, PLLC, we regularly attend or supervise closings to protect our clients’ interests right up to the final signature.
⚖️ 8. Why Choose Wallace Law, PLLC for Your Dallas Real Estate Purchase
- Board-Certified Real Estate Expertise — Attorney Steven Wallace brings years of experience handling complex residential and commercial transactions.
- Local Market Knowledge — We understand Dallas’s zoning laws, HOA rules, and local court procedures.
- Full-Service Protection — From contract to closing, title to litigation, we’ve got you covered.
- Transparent, Flat-Fee Pricing — No hourly surprises — just expert guidance at predictable costs.
We work with individuals, investors, and businesses across Dallas–Fort Worth to make every real estate deal smoother, safer, and more profitable.
💬 Client Story: How One Dallas Buyer Avoided a $50,000 Mistake
A client recently came to us after signing a residential purchase contract without review. The home, located in Lakewood, had an undisclosed foundation issue that would have cost over $50,000 to repair.
We stepped in, reviewed the disclosure documents, and found evidence the seller knew about the defect. Within days, we helped the client cancel the contract and recover their full earnest money deposit.
Result: No lawsuit, no repair bill, and a second chance to find the right home — the right way.
🏡 Protect Your Investment — Call Wallace Law Before You Sign
Every Dallas real estate deal carries legal risk. But with the right legal partner, those risks can be managed — or avoided entirely.
Before you sign a contract, hand over earnest money, or close on a property, schedule a consultation with Wallace Law, PLLC. We’ll review your deal, explain your rights, and make sure your investment is fully protected.
Wallace Law, PLLC
📍 8117 Preston Rd, Suite 300, Dallas, TX 75225
📞 (214) 706-9191
🌐 www.wallacetexaslaw.com