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The Basics of an LLC

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 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

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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Contracts for Deed and Lease with Purchase Option

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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Seller Carried Second Liens

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

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

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

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

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

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

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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