Question 1

Do I need a license to wholesale in Amarillo, and what disclosures apply?

Accepted Answer

No license, if you make the written disclosures, and there are two of them. Occupations Code section 1101.0045 lets you acquire an option or an interest in a contract and then sell the option or assign the contract without a license, provided you do not use it to engage in brokerage and you disclose the nature of your equitable interest in writing to any seller or potential buyer. The seller side came in through SB 1577, effective January 1, 2024. Property Code section 5.0205 is a separate duty: before the assignment contract, you must tell the buyer in writing that you hold no legal title and are assigning an interest, and tell the property owner of your intent to assign. Both are statewide rules, not Amarillo ones, and section 5.0205 is not limited to residential property. We are a lender, not your counsel, so have a Texas real estate attorney review your documents.

Question 2

What does a double close in Amarillo cost in title premium?

Accepted Answer

Two premiums, at a rate the state sets. Texas title insurance premiums are promulgated by the Texas Department of Insurance and identical at every title company. Under the schedule effective March 1, 2026, a $212,000 policy costs about $1,333 ($780 + ($212,000 - $100,000) x 0.00494), and two closings mean two owner's policies unless a simultaneous-issue or hold-open credit applies. We did not verify whether such a credit is available in Amarillo, so ask the title company handling your file.

Question 3

Does a double close in Amarillo trigger a transfer tax?

Accepted Answer

No, and the Legislature cannot enact one. Article VIII, section 29 of the Texas Constitution bars a transfer tax on a conveyance of fee simple title. A double close in Amarillo therefore pays two title premiums and two sets of recording fees, not two transfer taxes. That is part of why the strategy works in Texas and not in states with a transfer tax. Talk to your attorney about your own structure.

Question 4

When and where does distressed supply hit the market in Amarillo?

Accepted Answer

On the first Tuesday of the month, between 10 a.m. and 4 p.m. Property Code section 51.002 sets that schedule, with notice posted, filed with the county clerk, and mailed at least 21 days before the sale; the 20-day cure period applies only to a debtor's residence. Potter County's published designation for public sales is the 11th floor auditorium of the Santa Fe Building at 9th and Polk (a 2013 order), and Randall County's is the foyer of the south entrance of the Randall County Justice Center in Canyon (a 2009 order). Later orders may have replaced either, so confirm the location on the notice of sale. Both clerks post notices online. Get funding committed before that Tuesday.

Question 5

How hard is it to comp an Amarillo assignment?

Accepted Answer

Harder than the averages suggest, because Texas does not publish sale prices. Texas is a non-disclosure state, so off-market and non-MLS comps are difficult to source, which makes an independent value check worth doing. The two halves of Amarillo also price differently: the 2023 home-purchase average loan was $200,300 in Potter County and $251,800 in Randall County. An end buyer comping the wrong side of the county line can be pricing the wrong market.

Question 6

What do local title companies do on same-day double closes in Amarillo?

Accepted Answer

We found no published Amarillo practice, so ask before you set a date. A double close is two separate closings, each with its own deed, and the A-to-B closing needs its own funds, which is the gap this program funds. We did not find an Amarillo title-company norm for same-day back-to-back funding, seasoning requirements, or hold-open credits, and we did not find assignment-fee norms for the market, so we publish none. See the transactional funding program page.

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