REAL Estate

In order to be enforceable, all real estate contracts must be in writing. A well-written contract clearly explains the rights and obligations of all parties. We routinely draft numerous types of contracts, including:

-      Residential sales contracts

-      Residential lease contracts

-      Commercial purchase and sale contracts (PSA Agreements)

-      Commercial lease contracts

-      Easement Agreements

-      Shared Road or Shared Well Agreements

-      And many more

Transferring property rights in Texas is more complex than most people realize. Deeds in Texas must include the intent to convey property, the legal description (not just the address), and a notarized signature of the grantor. Additionally, there are different deeds depending on the objectives of the parties. It is critical for parties to consult with a competent Texas real estate attorney to ensure the document they sign conveys the property interest they desire. Common deeds that the attorneys at Money Law Firm can draft for you are:

-      General Warranty Deed

-      Special Warranty Deed

-      Deed Without Warranty

-      Quitclaim Deed

-      Gift Deed

-      Correction Deed

-      Assumption Deed

-      Wraparound Deed

-      Deed in Lieu of Foreclosure

-      Life Estate Deed

-      Enhanced Life Estate Deed

-      Lady Bird Deed

Furthermore, each of these deeds can contain clauses that affect mineral rights, environmental liabilities, access to the property, restrictions on the use of the property, and other important matters. It is important to consult with a trusted lawyer prior to executing any real estate deed.

Real property in Texas can legally be sold using owner or seller financing. Until recently, contracts for deed were commonly used in Texas. However, due to some changes in the law in 2005, two types of owner financing remain viable in Texas: 1) Conventional owner financing (used when there are no prior liens on the property); and 2) Wraparound Mortgages (used when there’s an existing mortgage).

These types of transactions are very convenient but can be very risky for buyers and sellers if they do not consult with a competent real estate attorney.

Finally, Money Law Firm can assist the seller when the buyer does not fulfill payment obligations by foreclosing on the property. Foreclosure in Texas is a simple, streamlined process that protects each of the parties, but there are strict requirements and deadlines that must be met.