A short sale occurs when the value of your home is less than the mortgage balance, meaning you owe more than the property is currently worth. This situation became all too common during the 2008 subprime mortgage crisis when many homeowners found themselves “underwater” on their homes. Short sales became a practical option for those […]
Category: Real Estate Law
How Should Landlords Handle Abandoned Property in Texas?
As a landlord in Texas, dealing with abandoned property left by tenants can be a tricky situation. Whether the tenant has left a sofa, old clothes, or other personal belongings behind, landlords must handle the situation legally. Here’s a breakdown of how you can manage abandoned property as a Texas landlord. Understanding Tenant Abandonment Abandonment […]
How to Navigate Property Disputes with an Ex in Texas
When a relationship ends, dealing with jointly-owned property can be complicated, especially when one person wants their name removed from the mortgage and deed. In Texas, there are several legal options available to resolve these disputes and protect your financial interests. Key Options for Resolving Property Disputes Unilateral Right of Partition What It Is: Texas […]
Can You Legally Evict Your Roommate in Texas?
Whether or not you can legally evict your roommate in Texas depends largely on the nature of your living arrangement and the legal status of your roommate in relation to the property. Roommate on the Lease If your roommate is on the lease, you both have equal rights to occupy the property under the lease […]
How to Use an Elderly Parent to Lower Your Property Taxes
In Texas, homeowners over the age of 65 can benefit from significant property tax exemptions, which can offer substantial financial relief. Understandably, some families consider transferring property ownership to an elderly parent to take advantage of these exemptions. However, this approach comes with potential risks and complications that must be carefully navigated. Here’s what you […]
Do You Need to Disclose a Death When Selling Your Texas Home?
When selling a house in Texas, sellers must complete a Seller’s Disclosure Notice, as required under Texas Property Code Section 5.008. This document is crucial for ensuring that potential buyers are fully informed about the property’s condition. One common question sellers often have is whether they need to disclose a death that occurred on the […]
Understanding FIRPTA: The Foreign Investment in Real Property Tax Act
FIRPTA, the Foreign Investment in Real Property Tax Act of 1980, is a crucial regulation for anyone involved in real estate transactions with foreign investors. The primary purpose of FIRPTA is to ensure that the U.S. federal government collects capital gains tax from foreign sellers when they dispose of real property interests in the United […]
The Importance of Pulling Permits for Residential Properties in Texas
The Importance of Pulling Permits for Residential Properties in Texas When undertaking work on residential properties, you almost always need to pull permits, and failing to do so can lead to significant liabilities. Here’s a concise look at the permitting process, its importance, and the potential consequences of bypassing it. The Permitting Process Permitting ensures […]
Navigating Real Estate Transactions: A Legal Perspective for Buyers and Sellers
Navigating the world of real estate can be daunting, whether you are buying your first home or selling a property. The financial stakes are high, and understanding the legal aspects of the process is crucial to avoid potential pitfalls. Here, we offer a comprehensive legal perspective to help you steer through the complexities of real […]
Can a Builder Require You to Use a Certain Lender?
When buying a home from a builder, you might hear that you must use the builder’s preferred lender. This can be confusing and concerning for many homebuyers. The question is, can a builder legally require you to use a specific lender for your mortgage? The short answer is no, they cannot. Understanding Your Rights as […]