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 […]
Category: Real Estate Law
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 […]
Can You Sue Your Spouse for Partition in Texas?
In Texas, the concept of partition is a legal mechanism that allows co-owners of property to divide their shared interest when they cannot agree on the disposition of the property. However, when it comes to partitioning property with your spouse, the situation becomes more complex. What is Partition? Partition is used when two or more […]
Releasing a Lien on Real Property When a Lender is No Longer in Existence
A lien is a legal claim against an asset, often used as collateral for a loan. In the realm of financial transactions, situations can arise where a lender, for various reasons, ceases to exist. Whether due to bankruptcy, acquisition, death of an individual lender, or simply closing shop, the absence of a lender can complicate […]
Navigating New Changes: Texas Property Tax and Homestead Exemptions in 2024
As we step into 2024, Texas homeowners face significant changes in property tax regulations and homestead exemptions that promise to influence financial planning and property management. With the new legislative adjustments, understanding these changes is crucial for homeowners to ensure they maximize their benefits and comply with the new legal landscape. The Texas Legislature has […]
Navigating the Texas Real Estate Disclosure Requirements
When selling property in Texas, homeowners are legally required to disclose certain information about the property’s condition and history. This process is crucial for ensuring transparency and protecting both buyers and sellers from future legal disputes. Understanding Disclosure Requirements Texas law mandates that sellers must complete a Seller’s Disclosure Notice, a form that outlines the […]