Wrap around, assumption, and subject to transactions are all methods of transferring property where an underlying lien (usually a first mortgage) is not extinguished contemporaneous with the closing. These types of transactions have been common in Texas for some time but have gained even more popularity in recent years due to increased regulation of alternatives […]
Author: Philip Silberman
The Effect of Merger and No Reliance Clauses on Fraud Claims in Texas
Written contracts are intended to memorialize the understanding between parties, and it is important to accurately document each parties’ promises and intentions in a contract. However, sometimes the recitations and representations in a contract may not accurately represent what actually occurred in the negotiation and formation process. For example, common sense would tell us that […]
Will Prove Up Hearing: What to Expect as an Executor
While attending court to get appointed as an executor may seem intimidating, understanding the courtroom layout, rules and procedures can help ease some anxiety. Some Texas counties allow the will to be admitted through attorney testimony; however, many counties require the executor to come to court to testify. Your probate attorney will be your guide […]
Understanding the Differences Between a Right of First Refusal and a Right of First Opportunity
Rights of first refusal and rights of first opportunity are commonly referred to as preferential rights and routinely appear as part of real estate contracts. The differences and effects concerning these rights are not always clear.Right of First RefusalBlack’s Law Dictionary defines right of first refusal as “a potential buyer’s contractual right to meet the […]
Texas Transfer on Death Deeds
The Texas legislature enacted the Texas Real Property Transfer on Death Act which provides Texans an opportunity to transfer real property and avoid probate. As of September 1, 2015, Texas law allows an individual to create a transfer on death deed (TODD). A TODD is made inter vivos (during one’s lifetime) and allows an individual […]
An Overview of Marital Property Law in Texas
The fact that Texas is one of nine community property states in the US means that all assets belonging to married persons are affected by the concept of community property. In a community property state, most property acquired during marriage belongs to both spouses and is considered community property. Furthermore, community property is either classified […]
Recovering Attorney’s Fees in Texas
A common concern among litigants is whether attorney’s fees are recoverable from the other party. While it is reasonable to assume the prevailing party will be awarded attorney’s fees, it is not always the case. In most lawsuits, each party assumes their own attorney’s fees unless otherwise provided under the law. In this article, we […]
Texas Residential Construction Liability Act (TRCLA)
To resolve construction defect disputes with a residential home builder or remodeler, Texas homeowners must currently follow the procedures set forth under the Texas Residential Construction Liability Act (RCLA). The RCLA was enacted in 1989 to help resolve construction disputes between homeowners and contractors and limit the liability of residential builders. Since 1989, various amendments […]
Effects of Not Having an Operating Agreement for a Texas Limited Liability Company
Filing a certificate of formation with the Texas Secretary of State is the first step to creating a limited liability company (LLC). A certificate of formation generally only provides the name of the LLC, names of members or managers, principal place of business, and purpose of the business. A certificate of formation does not include […]
Common Methods for Distributing Assets After Death in Texas
Whether a person dies with a will (testate) or without a will (intestate), distributing assets to their heirs, beneficiaries, or distributees may be very simple or quite complex. Assets are either classified as real property or personal property. While real property is land and everything attached to the land, personal property includes bank accounts, investments, […]