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 Dear George: Does a real estate agent or seller have to notify a buyer of any current sales or development plans for a large commercial area adjacent to the property being sold? My question assumes that such planned development of land will have a direct effect on the surrounding area.
Answer: As far as required disclosures go, the Seller's Disclosure Notice deals primarily with physical features and amenities of a residential property. Unless a deed restriction applicable to that property requires such a disclosure or there was a violation of the deed restriction or a lawsuit involving the subject property, such a development would be classified as either a desirable adjunct to the property's features or a stigma to the property if a prospective buyer would find such a development offensive. However, neither one of those features of a subject property are required disclosures. However, the safest way to avoid a problem from the sale of the property (i.e., litigation involving the seller and perhaps the seller's agent) would be to disclose to the buyer that such a development was planned or was actually going to occur. When in doubt, disclose.
Dear George: Is there a law or requirement for a developer to notify a neighboring community that he is planning on building a large apartment complex? There is such a complex going up in an area that is already full of apartment complexes; the area also has overcrowded schools and a high crime rate. The addition of another apartment complex would likely add to these problems and cause property values to go down. Is there anything we as a community can do to protest this development?
Answer: That depends upon whether the land on which the development is planned is subject to notification within the subdivision or the developer is otherwise required to provide legal notice to property owners who may be affected by the planned development. However, if the acreage is unrestricted, no notice would be required.
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Dear George: In 2005, I purchased a home with my fiancé. We've since broken up, and I moved out. He lives in the house, and his name is the only one on mortgage. However, we are both listed on the deed and the deed of trust. I also played a significant financial role in purchasing the home as well as maintaining the taxes, association dues, etc. What are my options to get him to sell the house or cash me out for my portion of ownership?
Answer: Since your name and your fiancé’s name are both on the deed and the deed of trust, you can file a partition lawsuit as a co-owner. If both names are on the deed, either co-owner can file a partition lawsuit to force the sale of the house. The sale's proceeds will be divided 50-50 between you and your fiancé. Perhaps if your fiancé realizes this fact, he will be more cooperative regarding your rights as a co-owner. However, hire a local attorney to handle this for you. Your rights and how you secure them are based upon a number of variables and should be handled by an attorney.
Dear George: We have 400 acres of rural land in East Texas that we want to sell within two years. Where can we find out what property in our area is selling for?
Answer: A local REALTOR® experienced in rural land sales should be able to provide you with good information regarding land sales in your area. You can also hire a state-certified appraiser to determine your land's potential market value in 24 months. For a quick indication of rural land values in your area, visit the Web site of the Real Estate Center at Texas A & M University.
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