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How Do You Form a General Partnership in Texas?
Deciding on a structure for your business is one of the most important decisions you will make. Each structure — sole proprietorship, general partnership, corporation, limited liability company, limited partnership, and limited liability partnership — comes with its own issues regarding taxation, liability, management, and transferability of ownership interest. Consulting with an experienced business lawyer is your best bet when determining which structure will suit your needs now and into the future. This article focuses exclusively on the mechanics of forming a general partnership in Texas. What Is a Texas General Partnership? In a nutshell, a general partnership is a legal structure created by two or more persons for the purpose of carrying on a [...]
How Do You Avoid Title Disputes?
Owning a piece of real estate — whether it is your primary residence, a vacation home, or a commercial property — is one of the great benefits of living in a free country. The last thing you want or need when buying, selling, or inheriting a piece of Texas real estate is a dispute regarding the property’s title. If a title dispute does arise, you can always hire a real estate attorney to represent you. But it is so much better to take all the steps necessary to try to avoid becoming embroiled in a title dispute in the first place. This article will cover what you need to know to avoid real estate title [...]
How Do You Put a Lien on a Property?
A lien is a legal claim to the property by someone other than the current owner. A lien can be placed for a variety of reasons, but it typically revolves around a debt of some kind. If a property owner owes a debt to a creditor, contractor, or collection agency, that party may place a court-ordered lien against the property with the goal of collecting on the debt. Have you extended credit or provided a service of some kind that has not been fully paid? If so, you may have the right to put a lien on a property. There is a very specific process for placing a lien, so it helps to work with [...]
Does Title Insurance Cover Property Line Disputes?
Title insurance is typically required for any real estate transaction where there is a transfer of ownership from one party to another. The purpose of title insurance is to provide financial protection in the case of contested ownership of a property. In other words, when multiple parties claim ownership of the property in question and have proof, the property cannot be sold until definite legal ownership is determined. One issue that may arise when it comes to property ownership is a property line dispute. This occurs when there is a disagreement about where the property lines are located. These disputes can occur between buyers and sellers, owners and neighbors, or other parties who have a [...]
How Do You Read a Title Report and Find Liens on a Property?
Purchasing property is a significant financial investment. Whether it’s a home or a commercial property, there are always some risks involved. One of those risks involves real estate title liens. The seller of the property must have a clean and clear title for the property before it can be legally sold. If a buyer purchases a property, but finds out that there is a lien on the property or that someone else has legal ownership of the property, it can mean significant financial losses. But this risk can be reduced or eliminated with a thorough title search. The title search process involves reviewing ownership records to ensure that there is an uninterrupted chain of title [...]
What You Need to Know About Texas Foreclosure Laws
Are you facing a potential foreclosure on your home? When your budget is tight it doesn’t take much to get behind on your house payments. And once you’re 120 days behind, your mortgage lender has the right to begin the process of foreclosure. But even if you’ve missed payments, you still have rights in this situation. It helps to understand the foreclosure process and what you can do to try and keep your home. With the help of a real estate attorney, you can be sure you are exercising the full extent of your rights. Here’s what you need to know about Texas foreclosure laws. Your Mortgage May Have a Grace Period If you are [...]
How to Negotiate a Commercial Lease
A commercial lease is used when renting a space to use for commercial purposes. If you own a business and need a place for your business to operate, renting a space is usually the best option. This is especially true for new businesses that are just starting up. When you rent a commercial property you will need to sign a lease that outlines the terms for occupying the property. The landlord may present you with a pre-drafted lease, but did you know that you have the right to negotiate the terms of a commercial lease? You do. Never sign a lease until you are sure the terms are fair and appropriate. How can you be [...]
How an Attorney Can Assist with a Contract Dispute
A contract is a legally binding document that outlines the responsibilities and duties of each party involved in the contract. Once the contract is signed, it is binding. Failure by either party to uphold the terms of the contract is considered a breach of contract. Unfortunately, contract breaches occur quite frequently, especially in the business world. When this happens, an attorney can help either party involved in the contract to resolve the dispute. Contract disputes can be complicated, which is why it is necessary to involve legal experts who can interpret the original contract to determine whether or not a breach occurred and if so, to what extent. Types of Contract Breaches There are two [...]
Commercial Lease Types Explained
Commercial real estate law encompasses a wide range of legal matters pertaining to the ownership, sale, and use of the commercial property. Under the umbrella of commercial real estate law falls commercial leases. A commercial lease is used when a business rents a commercial property from an owner/landlord. Commercial leases are often quite a bit different than residential leases and require an experienced commercial real estate lawyer to create these documents. Here are the various types of commercial leases and what makes them each different. Single Net Lease In a single net lease, the tenant pays the rent and the property tax. The tenant is then responsible for paying the utility bills for the duration [...]
What is Eminent Domain?
Does the government have the right to take private property for public use? Under the law of eminent domain, the local, state, or federal government has the power to legally take property. However, the government is required to pay the owner fair compensation for the land. Have you received a notice from the government that your property will be taken? Do you feel that the amount offered to you is unfair? An eminent domain real estate lawyer can help you get fair compensation for your property. Here’s what you need to know about eminent domain. For What Purposes Can the Government Take Private Property? The government can take private property for a variety of reasons, [...]