Old debts, names on title, FSBOs
Answers to real estate questions as appearing
in the Houston Chronicle
By george stephens, CRB, AND Charles J. "Chuck" Jacobus, JD
Dear George: A friend has a judgment against him for a credit-card balance he failed to pay. Can this old judgment be attached to a future purchase of a house?
Answer: No, but such a judgment can prevent him from being approved by the lender for a mortgage.
Dear George: My husband and I married in 1998 and bought a house in 2004. His name is the only one on the loan and the property-tax roll. How can I add my name to the title?
Answer: Since you acquired the property after marriage, you have title in Texas even if your name is not on the deed. Under Texas law, both community property and homestead rights vest in both owners upon acquisition by a married couple.
Dear George: I own an undeveloped residential lot and want to sell it without the assistance of a real estate agent. What documents do I need to obtain to make a sale? What government agencies do I need to contact before and after the sale? Do I need to have the transaction performed at a title company? How is the balance of my mortgage paid off? Do I obtain the funds from the buyer to pay off my mortgage to get the title released, or do I have to pay the loan off myself before finalizing the sale to the new owner?
Answer: A Texas REALTOR® is trained to answer these and many more questions you will have as you make your way through the complicated process of selling your land. If you don't hire a real estate professional, you should hire an attorney to represent your interests. If you choose not to hire a real estate professional or an attorney, you are an accident waiting to happen.
E-mail your question to "Ask George & Chuck" or fax it to 281/596-7591. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
George Stephens, CRB, is the broker of ERA Stephens Properties. He is licensed as a mortgage broker in Texas and a real estate broker in Texas, Georgia, and Massachusetts.
Charles J. Jacobus, JD, is board certified by the Texas Board of Legal Specialization in Residential and Commercial Real Estate Law, and the author of Texas Real Estate Law and Texas Real Estate, both published by Thomson Publishing. He also teaches at Champions School of Real Estate and Houston Community College, and is an adjunct professor at the University of Houston Law Center.
George and Chuck are co-authors of Texas
Real Estate Brokerage and Law of Agency published by Thomson Publishing.
