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...

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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...

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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...

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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...

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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...

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Who Selects the Title Company?

Who has the right to select the title company? This is a perennial controversy which can raise emotions and create controversy early in the transaction especially when selling residential property . Most residential buyers and sellers have no strong ties to a...

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Buying or Selling Rental Properties

One to four family residential investment properties are commonly bought or sold in transactions in which a Texas Real Estate Commission (TREC) Contract form is used. Often these properties are leased to third party tenants at the time the contract is signed and at...

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Wraparound Financing Basics

There are many potential buyers who either cannot or do not want to meet the requirements to obtain a new loan from a commercial lender. The reasons for this can range from a recent bankruptcy to investors who are very credit qualified but already own too many...

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Contracts for Deed and Lease with Purchase Option

Legislation passed in 2005 amended the laws dealing with executory contracts. An executory contract is a contract that has unperformed obligations on both sides of the contract. A contract for the purchase and sale of real estate that has not yet closed is executory...

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A Seller Financing Primer

I want to discuss some of the issues involved in seller financing. We begin our discussion with the sales contract. It is important for sellers to realize that when they sign a contract to sell a property and agree to provide seller financing, they are, in effect,...

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“As Is” or Is It?

In 1995 the Texas Supreme Court entered its opinion in Prudential Insurance Company of America v. Jefferson Associates, Ltd. and F.B. Goldman. This case involved the sale of the Jefferson Building in Austin from Prudential to F.B. Goldman. Four months later Mr....

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Seller Carried Second Liens

As loan qualification requirements become harder to meet, more buyers are looking at owner financing as a source of funds to purchase real estate. This article focuses on transactions in which a seller of real estate is asked to carry a purchase money loan secured by...

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