When a borrower defaults on a mortgage, the bank’s goal is to recoup the outstanding debt, typically through a public foreclosure auction. If the property fails to sell to a third party buyer at the foreclosure auction, ownership usually reverts to the lender though a credit bid. This property then becomes a Real Estate Owned…
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In the real estate market, some sellers, particularly banks, turn to auction companies when a property fails to sell through traditional listings. While these auctions are heavily marketed as a way to generate excitement and potentially secure a higher price, they are often viewed as primarily a marketing scheme with specific risks and rules that…
A new law, Texas Senate Bill 17 (SB 17) and codified in Chapter 5, Subchapter H of the Texas Property Code, took effect on September 1, prohibiting certain non-citizens and non-permanent residents from designated “hostile” countries from purchasing real property in Texas. While the law is broad, its impact has been most immediately felt by…
When a landlord seeks to evict a tenant in Texas who does not have a formal written lease (i.e., an oral rental agreement), the required notice period depends entirely on the reason for the eviction. A common misconception, even among some judges, is that a 30-day notice is always required for an oral or month-to-month…
When dealing with rental properties, a written lease agreement is always the safest practice for both landlords and tenants. However, the question often arises: are oral leases actually valid in Texas? The answer is generally, “Yes, but with limitations.” The Statute of Frauds Under Texas law, specifically the Statute of Frauds, an oral lease is…