Buying short sale homes is a trying and sometimes complicated process. A few weeks ago, I had the privilege of being interviewed by TexasHomesForSale regarding how an attorney could assist a homebuyer through the short sale process. The following is the link to my interview with www.TexasHomesForSale.com . ...
Continue readingWhen preparing a residential lease agreement, most landlords will choose a fixed-term tenancy. Essentially all the residential leases attorneys draft have fixed-terms. However, landlords often get into a situation where the tenant needs two to three extra months before their next residence is ready. Often, landlords are cautious to extend for such a short period … especially if it disrupts the summer leasing schedule. Instead, landlords may decide to choose unique language in extending the lease. Landlords should be cautious, though, about extending residential leases using anything other than a fixed-term tenancy. So that the landlord can get a better...
Continue readingAn irrevocable trust is an instrument created by a person called a settlor and managed by a trustee for the benefit of beneficiaries. In Texas, the same person can hold multiple titles under the trust. Unlike revocable living trusts, though, the trust is generally irrevocable. Irrevocable trusts are created much less often than revocable living trusts. They are primarily used as creditor protection tools. Other benefits include avoiding probate and the ease of succession to manage property after the settlor dies. Irrevocable trusts do not qualify for the exception to the due on sale clause on mortgages. This means that settlors must...
Continue readingA revocable living trust is an instrument (i) created by a person, the Settlor or Trustor, (ii) managed by a trustee (iii) for the benefit of the beneficiaries. In Texas, the same person can hold multiple titles under the trust. Typically, revocable living trusts are revocable during the lifetime of the trustor(s). Revocable living trusts are popular estate planning tools because (i) the trustor retains control over the trust property during his lifetime; and (ii) the beneficiaries avoid the cost of probate after the death of the trustor. Also, revocable living trusts may allow for more effective management of the trust...
Continue readingTexas residents should have received their assessment of property value earlier this month. The deadline to file the Notice of Protest is generally May 31, 2014. Many Denton County residents property assessments increased quite largely … many by fifteen percent or more. If one feels like the appraisal is too high, then s/he should file a protest. A relatively complete list of reasons to file a protest are outlined below. the market or appraised value of your property the unequal appraisal of your property the inclusion of your property on the appraisal roll any exemptions that may apply to you the qualification for an agricultural or...
Continue readingAttorneys handling estate planning and probate matters are often asked, “What happens to the house and mortgage when someone dies?” To answer that question, one must understand that almost all mortgages and deeds of trust contain a due on sale clause. A due on sale clause is a provision that bans the homeowner(s) from transferring any interest in a property. If a homeowner transfers an interest in the home, then the bank may cause the entire balance of the note to be due at once. If the note remains unpaid, then the lender may foreclose on the property. Obviously, that seems...
Continue readingTenants often wonder when their security deposit must be returned after leaving a rental unit. Typically, the security deposit must be returned within thirty days following surrender of the property. Surrender of the property can be different from the end of the lease. The landlord is allowed to deduct damages and charges for which the tenant is liable from the security deposit or for breach of the lease. Security deposits cannot be withheld for normal wear and tear. Additionally, the landlord should provide the tenant with an itemized list of deductions unless the tenant owes rent when the property is surrendered...
Continue readingOccasionally situations arise where a real estate broker is not needed in a real estate transaction. Circumstances would include the buyer and seller knowing each other, a hot real estate market (like the one in Frisco, Texas), and many others. In those circumstances, the buyer and seller often need assistance generating the legal documents to form a binding contract and transfer the property. Although general form sets are online, they can be risky to use because every real estate transaction is a little different. Instead, hire a real estate attorney to make sure it’s done right. Most real estate lawyers’ prices...
Continue readingCommercial lease agreements can be one of the most important documents for your business. For many businesses, it is the highest non-payroll expense. A business owner needs to make sure that he/she understands the lease and the impact of its terms. It is always a good idea to hire a real estate attorney to review the commercial lease agreement, but you also need an independent understanding of some basic ideas. 1. Types of leases – There are two primary types of leases and a lot of variation of how they are applied. The first primary type of lease is called a...
Continue readingHello Texas residents. This is a reminder that the general protest deadline for property taxes is May 31, 2013. If the Notice of Appraised Value was mailed after May 1, then the deadline would be thirty (30) days from the date the notice was mailed. Proper reasons to protest include the following: (i) disagreement as to the market or appraised value of the property; (ii) the unequal appraisal of the property; (iii) the inclusion of the property on the appraisal roll (iv) the failure to apply exemptions; (v) qualification of timber or agricultural appraisals; (vi) taxable status of the property; (vii) the property is not within a particular...
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