Option periods, adding names to titles
Answers to real estate questions as appearing
in the Houston Chronicle
By george stephens, CRB, AND Charles J. "Chuck" Jacobus, JD
Dear George: What day does the option period start for a residential contract? Is it when the contract is executed?
Answer: The effective date of the contract, indicated in a box below Paragraph 24 of the residential contract, is when the option period begins.
Dear George: My mother wants to add me to her home's title. She doesn't have a mortgage, and there aren't any other owners. How is this done?
Answer: Your mom needs to have a deed prepared. You then file it with your county clerk's office. Unless her estate is very large, she can probably make the property a gift to you without any tax consequences. However, you should consult with a tax professional to be sure.
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.
