Allen Law Firm
Attorney at Law serving Dallas, Plano, Allen, McKinney, Frisco and Collin County

Real Estate Transactions

drafting to meet real estate needs

We can help you navigate the complicated paperwork required for owning, purchasing, selling and transferring property. 

 

DEEDS

A Deed is a legal document that is signed by the owner of real property.  The document allows an owner to give all or part of his real property to another person or entity.  There are several types of Deeds and many legal significant clauses in any Deed.  In Texas the most prominent Deed used is a Warranty Deed.  Other Deeds may be called a Special Warranty Deed, Owelty Deed, Deed in Lieu of Foreclosure, Quit Claim Deed, Partition Deed, Foreclosure Deed or Substitute Trustee’s Deed, or Sheriff’s Deed. Each type of Deed grants certain rights to a new owner.  A Deed may also include exceptions, exemptions, and reservations.  The mechanism you use to transfer real property will effect your legal rights.  We can help you determine what Deed is right for you.  

 

ASSIGNMENTS

An assignment is a legal transfer of rights from one person to another.  Assignments are often seen when a bank sells the underlying note to a 3rd party.  When a note is sold from one bank to another, the assigning bank will execute and record an assignment of lien or transfer of lien to the 3rd party.  Once assigned and properly noticed, the 3rd party is entitled to receive payments and enforce the note.  Another popular use of assignments in the real estate world is when a real estate investor assigns a contract to purchase real property to another investor or end buyer.  We can help you draft, notice, and record an assignment. 

 

PURCHASE CONTRACTS, ADDENDUMS, LETTERS OF INTENT

A real estate purchase contract is the instrument used by a buyer and seller to sell real property.  The most commonly used real estate purchase contract is the contract form promulgated by the Texas Real Estate Commission.  See TREC 1-4 Family Residential Contract (Resale).  Realtors in Texas are required to use this form for the vast majority of transactions.  When a purchase contract is fully executed it is legally binding on both parties.  Both buyers and sellers should understand the rights, duties and obligations of signing a purchase contract.  ADDENDUMS are amendments or additions to the contract.  Letters of intent are non binding negotiating tools that can be used before a binding contract is executed by the parties.  We can help you draft, interpret, and negotiate the purchase of residential and commercial properties.  

 

LIS PENDENS

A lis pendens is used to put the world on notice of a pending law suit that involves title to real property, establishment of an interest in real property, or the enforcement of an encumbrance to real property.  See Texas Property Code 12.007.  The lis pendens is filed in the real property records and acts as notice to future purchasers that a law suit regarding the property exists.  It is often used to stop the sale of property until a dispute can be decided.  We can help you draft, notice, and file a lis pendens. 

 

LIENS, NOTES, DEED OF TRUST, SECURITY INSTRUMENTS

Properly securing a debt to property is critical.  A properly secured debt can be enforced to recover all or at least a portion of an investment.  The most common form of security against real property is the Deed of Trust.  A borrower will sign a note secured by a Deed of Trust.  The Deed of Trust appoints a trustee with instructions to foreclose and retake the property if a default occurs.  The terms drafted in the Deed of Trust make a dramatic difference in the time it takes to recover property, the fees available during the recovery process, and the process that must be followed to conduct a forced sale of the property.  We can help ensure that the lien, Note, Deed of Trust, Security Instrument, UCC 1 Financing Statement, or other security documents are drafted with enforcement in mind. 

 

LAND TRUSTS

There are many types of trusts that can be used to buy, sell, or hold real estate.  Each trust differs substantially based on the purpose and intent of the party creating the trust.  A trust can be created to provide anonymity or privacy for a buyer.  Another reason for a trust may be to purchase a property and later assign the beneficial interest of the trust to another investor that hopes to close on the property.  Trusts alone are not a liability shield, but a trust can be used jointly with an LLC to provide liability protection and anonymity as to the owner of the LLC.  Trusts are often used in estate planning for tax purposes or to avoid probate.  We can help you identify if a trust is right for you and which type of trust you should use.  

 

JOINT VENTURE AGREEMENTS

A joint venture agreement is a partnership agreement for a specific time or task.  The joint venture agreement is a contract to memorialize terms, profit/loss, defaults, remedies, and much more.  Clearly laying out terms provides general structure in a real estate or business deal and allows all parties to have a clear understanding of expectations.  We can help draft the joint venture agreement, and also give advice on the most commonly litigated issues in a partnership.  Talking about potential issues on the front end of a deal often saves thousands of dollars and hard feelings between the parties on the back end of a deal.

 
 

Contact us today for a free real estate transaction consultation.