“As Is” or Is It?
What is required to allow the seller to convey property “as is”? More particularly, do the provisions in Section 7D of the TREC contracts meet the requirements allowing a seller to convey property “as is”?The short answer to whether you can rely on the printed...
Five Ways to Reduce Liability for Real Estate Professionals
Here are five relatively painless ways to reduce your liability when listing and selling real estate. Require the Use of Buyer Representation Agreements When Representing Buyers. If you do not have written authorization from both buyer and seller, you cannot qualify...
Co-Ownership Agreements
If you own property with a marital partner, there are laws which regulate each party’s right to use, manage and occupy the property. If you purchase property with anyone other than a spouse, there are very few laws which regulate those same rights and obligations. A...
Understanding Tax Prorations
Tax Prorations can be confusing if you are not a seasoned veteran of real estate closings. Most real estate contracts will contain a section dealing with tax prorations. In Texas most residential transaction use the Texas Real Estate Commission (“TREC”) contracts....
Transferring Real Estate at Death Without Probate
There are two relatively easy ways to transfer title to real estate at death while avoiding probate and the tax trap often created by an outright gift of real estate. These two methods of conveyance can also be used to avoid a Medicaid lien. However, neither of the...
What You Should Know About Small Condominium Projects
This article is written for novice condominium developers. That usually means the condo project has a small number of units; typically, two to four units. I will, therefore, address some of the issues faced by a novice developer of a small unit condo...
Emotional Support & Service Animals
The Fair Housing Act (“FHA”) is a federal law that prohibits landlords from discriminating based on disability, race, color, national origin, religion, sex, and familial status. The Americans with Disabilities Act (“ADA”) prohibits discrimination against people with...
Foreclosure Basics
All states have a procedure for foreclosing on real property which is pledged as collateral for a loan. Most, Texas among them, have a non-judicial foreclosure procedure. As the name implies, a “non-judicial foreclosure” is conducted without the need for filing a...
Avoiding Personal Liability for Business Debts
It is impossible to operate a business without creating business liabilities. One of your primary business objectives should be to keep those liabilities as the sole responsibility of the company and prevent them from becoming your personal liability as an owner. The...
Common Real Estate Contract Mistakes
Here are ten of the more common mistakes I see when reviewing real estate contracts. (1) Leaving Blanks In The Contract. Failing to fill in the required blanks in a form is really sloppy work and, in my opinion, unforgivable. Take the time to review the final contract...
Protecting Real Estate Investments with a Series LLC
Recent legislation, combined with protections historically available in Texas, make Texas one of the best locations in the U.S. for protecting assets from creditor claims. Texas has now joined seven other states in permitting the creation of a series limited liability...
The Basics of an LLC
A limited liability company or LLC offers the flexibility and tax advantages of a partnership while providing the limited-liability benefits of a corporation. An LLC, like a corporation, is a separate legal entity which limits the personal liability of its owners. The...