“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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Temporary Possession Or Use Of Property Before Or After Sale

In an ideal world, possession of property would occur at closing of the purchase. However, as you well know, we do not live in an ideal world and sometimes change of possession occurs before or after closing. Failure to properly document these short term tenancies...

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Option Consideration

On December 31, 2004 the Texas Supreme Court issued its opinion in 1464-Eight, Ltd. & Millis Management Corporation v. Joppich. This case turned on issue of the enforceability of an option contract if the recited nominal consideration is not paid. The Court...

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Seller Disclosure Issues

I receive a substantial number of questions about disclosure statements and inspection reports. As a framework for discussing some of the issues, let me give you a situation posed by an experienced Austin area broker. She writes “Here is the situation I would like you...

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Buyer Agency

Buyer agency has been with us for many years now. While the act of representing buyers is very prevalent (most agents now agree to serve as agents for buyers), there remains a substantial resistance -- among both the general public and brokers and agents -- to...

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No Written Agreement: No Intermediary Status

Every few years I feel compelled to write about buyer agency and intermediary status because I continue to get calls from irate buyers and sellers (primarily buyers) who feel they have been abused by a broker or agent attempting to serve as an intermediary in a...

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Asset Protection Basics

Clients who own or who are purchasing real estate often have concerns about the liabilities associated with investment real estate ownership. And with good cause. There are occasionally some very large judgments against property owners arising out of injury or death...

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