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Dallas Real Estate Law Blog

Texas enjoying hotel construction boom

Several previous posts on this blog have talked about the wonderful opportunities residents of the Dallas area have in the red-hot real estate market. One additional opportunity of late that has taken off throughout the state of Texas is in hotel construction.

Along with Dallas, two other Texas cities rank in the top five locations to open a new hotel. This building boom marks the first of its kind in about a decade, and it is largely riding on the currents of a growing population and the increasing attraction the Texas market holds to corporations looking for headquarters. Moreover, Texas laws create a favorable climate for real estate development, and there is still land to be had within the major metropolitan areas.

Important points about security deposits in Texas

Many people in Texas prefer to rent a property rather than buy it outright. Those who do so will frequently sing the praises of how they are shielded from having to pay for the high cost of ownership of a property including upkeep and taxes. However, there are also other issues that must be taken into consideration including the security deposit that must be paid to the landlord. Landlord-tenant litigation can emanate from a great number of issues and the security deposit is one that comes up often. It is important to understand various facts about this under the law.

The security deposit is an advance of money to secure the tenant's adherence to the lease agreement. The landlord is required to refund the security deposit on or prior to the 30th day after the tenant relinquishes the premises. There is only a requirement for the tenant to provide the landlord with advance notice of vacating the property if it is underlined or in bold print in the lease, otherwise it is not in effect. The tenant's right to the security deposit takes precedence over a claim a creditor might have over the landlord. This includes the trustee in a bankruptcy.

Legal assistance in Texas landlord-tenant matters

Sometimes landlords and tenants in Texas are on good terms and have a friendly back and forth with one another. Conversely, in some circumstances the relationship between a landlord and tenant is more contentious. In the end, however, the relationship between a landlord and a tenant is a business relationship, and landlord-tenant matters can arise over issues great and small. Both sides need to have legal assistance to address their concerns and needs. This is true whether it is something that can be negotiated amicably or there is the need to go to court to settle it.

Whether a landlord owns a rental or a commercial property, legal help is imperative. There are a great number of factors that come up for landlords from rent collection to a lease dispute and all the way to eviction. While it might seem cut-and-dried that a tenant who violated the agreement needs to be removed, in actuality the process is often complicated than that. Going through the eviction process must be done in accordance with the law. For example, a tenant might refuse to leave and having help from law enforcement might be required. There could be legal documents necessary for the landlord to regain control of the premises. Avoiding contentiousness is frequently the desired goal, but it is sometimes unavoidable for there to be problems. This is when legal help is key.

Bad faith denial of property insurance claims

A Dallas, Texas, property owner, whether they own their property for personal, investment or business purposes, will in all likelihood see the prudence of purchasing property insurance on the home or building.

After all, a single disaster like a storm or a fire can completely demolish the building, leaving the property owner without the benefit of his or her investment, not to mention the lost income, extra expense and inconvenience of not having a place to live or conduct business.

How does 'specific performance' work in a sale dispute?

Most business owners in the Dallas, Texas, metro area know how important it is for a real estate deal to go through. In addition to the lost time and expense of identifying and starting to purchase a piece of commercial property, a failed real estate deal can be disastrous for a business if the business has to find an alternate location in a hurry or, worse, cannot continue to operate.

It is true that, in many cases, a deal falls through for reasons both parties understand. However, some owners might wonder what would happen if a seller of commercial property backs out for no reason at all or simply because the seller now believes he or she can get a better price on the property than the one agreed to.

Should I lease or buy commercial property for my business?

Owners of small businesses in Dallas may see it as a sign of growth and prosperity when it is time to find a building for their up and coming enterprise. Nevertheless, choosing the right location involves many important questions, one of them being whether to buy or lease a commercial property for the business. The answer to these types of questions might spell the difference between a business's success or failure.

In general, as with residential property, it is a better financial investment long-term to own a building rather than to lease a building. Every Dallas business owner's circumstances vary, of course, but, generally speaking, a Texas resident can look forward to saving tens of even hundreds of thousands of dollars when owing instead of leasing.

Strong market could mean more real estate disputes

As a pervious post on this blog reported, the Dallas-area real estate market remains one of the hottest in the country and is not showing any strong signs of cooling down. Although generally speaking this is a good thing, not only for sellers but for the economy as a whole, it does mean there is a higher chance the a real estate sale or a construction project could go awry and wind up in court.

Of course, there is always a chance that something might go wrong between the buyer and seller. One of the parties might try to back out of a real estate deal even when there is no reason to do so. Worse, a buyer could go through with a deal, only to find that he or she does not have a good title to the property or that the seller misrepresented the property's condition.

Dallas housing market continues to roll in January 2017

The area residential housing market showed absolutely no signs of slowing down in January, with Dallas's sales holding surprisingly strong even during what is commonly thought of as the "off season" for home purchases. Although interest rates on homes has gone up recently, seem even speculate that new buyers and those who just couldn't find a home last summer are now ready to buy while rates are still reasonably low.

The housing market in the area, which is among the hottest markets in the country right now, saw an increase in median purchases price for a home of about 10 percent, to a record high of $225,000. Houses are staying on the market for a typical 63 days or so, although one can guess that in desired neighborhoods, the turnover is a lot quicker. Some with knowledge of the market have said that, at current purchase rates, the supply of already constructed houses would be depleted in about two months.

What should one include in a residential lease agreement?

Many people and businesses and Texas make all or some of their income by leasing apartments and houses to others who need a place to live. Under the right circumstances, this can be a great business opportunity both for the Texas landlord and for his or her tenants.

Most landlords know that it is a good idea to have a written lease agreement with each individual tenant. Nevertheless, some people may not know exactly what contract terms and conditions they should put in to a lease.

Rights of Texas property owners in HOA communities

Many people in the Dallas area either choose to live or are basically compelled to live in a community subject to the rules and regulations of a homeowners' association (HOA.) Some people honestly enjoy the benefits an HOA offers via its rules and services. For others, a neighborhood with an HOA is simply what they can afford with respect to housing.

For the most part, HOA's are creatures of contracts, written deeds and plats of property and the HOA's own bylaws. However, under Texas law, property owners have certain rights even despite the language of the HOA's bylaws or any contractual provision. What follows serves to highlight some of these important rights, although our Dallas readers should be warned that this is only an overview, and specific questions should be directed to a Texas real estate attorney.

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