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 […]
Category: Real Estate Law
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 […]
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 […]
Can a Lien for a Personal Loan Attach to Homestead Property?
At one time or another, a trusted friend or relative might ask you for a personal loan. Lending the money might seem like a good idea if you could attach the lien against the person’s home as security for repayment of the note. It would be reasonable to assume that a personal loan could be […]
Cutting Encroaching Limbs from a Neighbor’s Tree
It is common for Texas residents to question whether they have a legal right to remove a neighbor’s tree limbs that hang over their property. Texas law generally allows you to remove encroaching branches, so long as you do not harm the health of the tree. However, an important exception to this general rule arises […]
The Legality of Wholesaling Real Estate in Texas
In the real estate industry, a wholesaler is someone who contracts with a seller to buy a property and then, while still under contract with the seller, assigns the contract to another buyer for a higher price. Essentially, a wholesaler is a middleman that hopes to profit on the spread between the contract price with […]
The Big Problem With Buying HOA Foreclosures
Investing in HOA foreclosures to build wealth is a viable strategy. To be successful, you will need a carefully crafted and executed strategy and an understanding of the landscape. For every success story, there are many more who have lost their capital because they did not understand current Texas laws. The number one misunderstanding about […]
Why it is Almost Never a Good Idea to Use a Quitclaim Deed
Our law firm routinely receives calls from prospective clients wanting a quitclaim deed (often mispronounced “quick claim deed”) prepared. The volume of calls we receive is so astonishing that I am convinced there must be some urban myth that leads the general public to believe a quitclaim deed is the solution for every type of […]
Contracts for Deed in Texas
Contracts for deeds have been popular methods for purchasing real property in Texas for some time. A contract for deed is an agreement between a seller and buyer to purchase real property over a period of time. Typically, the parties sign an agreement that obligates the buyer to make a down payment followed by a […]