Feb. 16, 2009
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 a question to ask George & Chuck or fax it to 713-978-6684. 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.
