Category Archives: Real Estate

faucet-426775_640 Unfortunately, disputes regarding fixtures and accessories are common, and tend to muddy up an otherwise smooth transaction. If a buyer has any question as to a seller’s intent to remove or leave an item that may or may not be considered permanently attached to the structure of the home, the future ownership of such item should be specifically negotiated and provided for in the final contract.

Porch Swings. Play Sets. Basketball Goals. Bathroom mirrors. Shelving. These are the things that tend to give rise to heated bickering immediately before or after a closing, as moving trucks are backed up into the driveway and the transfer of possession ensues. No matter how inclusive the list of equipment and fixtures in Par. 2 of the TREC contract may seem, there is no way for a generic form to address all the specifics of today’s residential real transactions.

Traditionally, the test as to whether an item is considered part of the real estate itself, and therefore automatically transferred as part of the contract, is whether the item is permanently attached to the structure. If so, it is legally considered a fixture and part of the real estate itself. If not, it is considered personal property, not covered by the contract to convey real estate, and freely removable by the seller after closing. But the way modern families furnish and decorate a home, whether an item is permanently built-in and attached is not always easily determined. In such cases, several questions should be asked: is the shelf/cabinet hung by brackets, or screwed into the wall/ceiling? Is the appliance plugged in or hard-wired? Can the item be cleanly removed without causing damage to the structure? Often the correct answer is subject to debate (like those pesky porch swings).

And just because an item is specifically listed in Par. 2B. or C. doesn’t mean the item automatically stays with the property. The listed item must be permanently installed and built-in to stay. For example, even though outdoor cooking equipment is listed under 2.B. as a fixture staying with the property, a free standing outdoor grill cabinet may not be built-in, and therefore may be removed by the Seller.

For these reasons, if there is any question as to the future of the play set, basketball goal, antique medicine chest or framed mirror, as examples, the issue should be discussed medication vytorin. If the seller wants to retain the item, he or she should exclude it from sale by listing it under Par. 2D. If the buyer wants to ensure that it stays with the property, it should be included in a Non-Realty Items Addendum. The best advice is to not assume anything; if it is desired, name it in the contract.

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Jeffrey A. Rattikin is an AV Pre-eminent rated attorney, Board -Certified in Residential Real Estate Law by the Texas Board of Legal Specialization. Mr. Rattikin has provided transactional legal services to clients across the State of Texas for over 28 years, emphasizing real estate, business and title law. Mr. Rattikin continues to define new legal frontiers through his incorporation of technology to enhance the attorney-client experience, as evidenced by his firm’s innovative websites www.rattikinlaw.com and www.texaslegaldocs.com.

Contracts, Leases, Mortgage/Finance, Real Estate

Tie Up Loose Ends Before a Real Estate Closing

January 18, 2016 Jeff Rattikin

abode-987096_640 Especially with the advent of new CFPB regulations on the horizon, it is critical that all deal points and loose ends be completed to the satisfaction of all parties before any closing documents are signed. Post-closing walk-throughs and other contingencies placed on final funding are not allowed by lenders, and certainly lead to conflicts between the parties, agents and title companies vytorin 10 40 generic.

A disturbing trend has developed recently, where buyers show up at closing and sign all closing documents, but attempt to delay final funding until they have a chance to conduct a final inspection of the property. Such a practice leads to much uncertainty, as the title company may be in possession of all documents, funds, and authorizations to close, but lacks any control over the timing of buyer’s confirmation.

A title company, as a neutral third party, may only act in accordance with the joint instructions of both parties, and cannot ignore instructions by either party. If the parties’ instructions conflict with each other, then the title company cannot move forward until they reach agreement. If a buyer makes a request at the closing table that the title company hold off on final funding until an inspection occurs, the title company cannot move forward until the buyer provides the title company with a written confirmation to proceed. However, a buyer should know that without a tri-party escrow agreement to the contrary, the buyer does not have the right to make such a demand, and may be liable to the seller for damages if closing is delayed. Typically, the buyer signs a closing affidavit at closing, providing that all contingencies are met, that the title company may close and fund upon receipt of all documents and monies, and that the buyer accepts the property in its present condition. Once all the documents are signed, a buyer may not have the legal right to hold off funding; as a result, it is critical that all inspections, repairs and other issues be dealt with completely before the buyer ever sits down at the closing table.

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Contracts, Real Estate

Same Sex Marriages and Real Estate Contracts

January 7, 2016 Jeff Rattikin

2015’s Supreme Court ruling legalizing same sex marriage has a direct effect on real estate contracts, ownership and homestead rights. As always, it is vitally important that agents inquire about marital status when working with potential clients.

The US Supreme Court’s decision requiring all states to recognize and perform same sex marriages has far-reaching effects, including implications on how real estate is contracted for, owned and conveyed. Now, newly married spouses of the same sex, whether married in Texas or another state, are entitled to all of the rights, benefits and privileges of traditional marriages prior to the decision. Thus, in contracting for and owning real estate, Texas common law rules of homestead, community property, inheritance and divorce are applicable and must be accounted for.

In signing listing agreements, contracts, loans and deeds on homestead property, both spouses must join, even if the property was owned solely by one spouse prior to their marriage. And if the couple subsequently divorces, or one spouse dies without a will, an analysis of community property vs navigate to this site. separate property must be made to determine rightful ownership.

The act of marriage, regardless of gender, has profound legal consequences on real estate ownership. Agents assisting clients must have a clear understanding of a couple’s legal relationship in order to structure a transaction correctly.

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Mortgage/Finance, Real Estate

The New SAFE Act: The Death of Seller-Financing in Texas?

August 6, 2014 Jeff Rattikin

A recent law passed by the Texas Legislature has quietly hit the books, one that promises to have a significant and adverse effect on Texas consumers’ ability to obtain financing for the purchase of residential property. The legislation serves to place further limitations on a prospective purchaser’s financing options, at a time when the current negative banking environment already has severely restricted the viability of real estate transactions.

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