Texans are fortunate to be one of nine states not subject to a state income tax. Still, state and local governments need funding to function, and one type of ad valorem tax, the property tax, is a large source of that local funding. Ad valorem is a Latin phrase meaning, “according to value,” and Texas […]
Category: Real Estate Law
Recent Changes to Property Taxes in Texas
Texas is one of nine states that does not require its citizens to pay a state income tax. That does not mean, however, that people live tax-free in Texas. Since state governments need funding in order to govern the state, Texas funds its needs through ad valorem taxes, which were first used in the United […]
Recent Changes Regarding Wraparound Mortgages in Texas
While many choose a traditional mortgage when purchasing a home, other options are available in Texas to meet the varying needs of buyers. One option is a wraparound mortgage, which offers advantages for buyers and sellers, but which also has greater risks than traditional mortgage loans. To help decrease those risks, SB 43, effective since […]
Sales Commission Agreements Need to be Carefully Drafted
Plenty of people in businesses that hire sales associates deal with a compensation arrangement. Typically, when a salesperson is responsible for a sale, some percentage of the value of the sale is payable to the salesperson directly as a way to incentivize effective selling practices and reward salespeople in proportion to how much they benefit […]
Transferring Title to a Mobile Home
Transactions and policies regarding Texas mobile homes are regulated by the Texas Department of Housing and Community Affairs (TDHCA), through its Manufactured Housing Division (the “Division”). The Division administers the Texas Manufactured Housing Standards Act, which ensures that manufactured homes, or mobile homes, are safe and well-constructed, that consumers are provided fair and effective remedies, […]
Buying and Selling Property “As Is” in Texas
When owners sell a house “as in” in Texas, they are signaling that updates or repairs will not be part of the negotiation process with buyers. The buyer is agreeing to accept the physical condition of the house in its current state. An “as is” clause protects a seller if a buyer later makes claims […]
Texas Uniform Partition of Heirs’ Property Act
Partition is the division of real property among joint owners and is an absolute right in the state of Texas. Texas law will not force one owner to maintain a joint ownership if he or she wishes not to for any reason. In this case, a joint owner may compel a partition in kind or […]
Homestead Exemptions for Jointly Owned Property
Texas is unique in its sacred protection of the homestead. The Texas homestead laws are found in Texas Constitution Article XVI, Section 50 and outline the unique protections available to the homestead of a family or single adult. The benefits of Texas homestead laws provide both a tax exemption to remove part of the […]
Converting Separate Property to Community Property in Texas Must Be Clearly Intended
While most assets earned or acquired during a marriage are community property, other assets that were separate property at the time of marriage remain separate property. It is possible to convert separate property into community property, but anyone intending to do so must sign and execute a conversion agreement exactly as laid out in the […]
Determining Mineral Rights in Texas
When considering the value of property, most people focus on the surface, the house or land, but sometimes the greatest value of the land is in what lies beneath the surface, its minerals. Like houses and lots, minerals are labeled as real property in Texas and may be conveyed with the sale of the property. […]