Issues When Holding Residential Real Estate in an LLC
Many of our investor clients seek counseling regarding the formation of a limited liability company to own and manage one or more one-to-four-unit residential properties. We thought it would help to address some issues which should be considered when deciding to use...
Easement vs License
We often have clients who ask us to prepare an easement for them when perhaps a license would be more appropriate. The difference between the two can be confusing. An easement is an interest in land that typically lasts indefinitely but can be limited to a specified...
Deciding on a Business Entity
We are often asked to help clients decide what kind of entity they should create to operate a business or to hold investments. The choice they are trying to make is usually between a corporation and a limited liability company or LLC. The first question which should...
Trees and Fences
Trees and fences seem to create more problems between neighbors than any other issues. We thought it might be helpful to answer some of the common questions concerning trees and fences Who owns a tree? The person who owns the land on which the trunk of the tree...
Texas Marital Property Rights
In the United States there are two types of property regimes used to determine the property rights of spouses in a marriage. Most states use English common law principles to determine property rights but nine states, including Texas, adopted community property...
Executor Duties
Who is the Executor? The executor is the person named in the decedent’s will to administer the estate according to the instructions in the will and as required by law. State Requirements for Serving as Executor In Texas, an individual executor: Must be at least 18...
Swimming Pool Liability: Practical Tips to Reduce Liability Exposure
Adding a swimming pool to your home can provide fun for your entire family and can become a social hub for your children and young adults, but it can also create serious liability issues which a homeowner ignores at her peril. A homeowner can be held responsible for...
Trusts for Minor and Adult Children
For most parents, the spouse is the primary beneficiary named in their will. In the case of a catastrophic event where both parents die, parents then usually name their children as the secondary beneficiaries. When the children are minors, common sense dictates that...
Problems with Joint Tenancy Agreements and Transfer on Death Deeds
We receive a lot of requests for the creation of joint tenancies with rights of survivorship and transfer on death deeds (“TODDs”). We understand the reasoning behind these requests. Everyone wants to avoid probate and make the transfer of property to loved ones quick...
What Is Title Insurance and Is It Required?
A couple of times a month a client will ask “Is title insurance required” or “Should I purchase title insurance”? Is Title Insurance Required? Whether it is required is easy. It is not. You may purchase and sell real estate without title insurance, provided the buyer...
Negotiating Commercial Loan Documents
We are often called upon to review commercial loan documents for clients. This usually occurs a few days before the scheduled closing. At that point, there is no time to change lenders if the loan documents contain onerous terms; all we can do is inform our client of...
COVID-19 Addendum Issues
COVID-19 has disrupted and continues to disrupt the real estate closing process. There are several addenda floating around which attempt to deal with the issues which result from the coronavirus. Most (1) extend the closing date if the closing cannot be performed due...