Many investors are turning to residential properties as a means of additional income. While this business can be very lucrative, understanding the potential pitfalls is extremely important. Being diligent and knowledgeable is always to your advantage. Know your lease. There are many template lease forms available on the internet. Make sure your lease is clear on the essential terms such as lease term, rent amount, security deposit, and whether the lease automatically renews. The lease should also be clear on the tenant and landlord’s respective responsibilities. It is also crucial that your lease complies with Texas law. For example, the Texas Property Code requires written leases to contain conspicuous language […]
Category: Real Estate Law
Rosenblatt Law Firm is thrilled to announce that the San Antonio Business Journal has placed us at #4 as the Largest San Antonio Construction Firm as well as the #7 Largest San Antonio Real Estate Law Firm. We are so excited for these rankings as we continue to serve our clients! Find out more about what we’ve done for our clients in the field of real estate and in the field of construction. For expert legal counsel in real estate and construction, call us at (210) 562-2900 or contact us online today!
One of the largest expenses for real estate owners is property taxes. Commercial property owners and their tenants (in the case of a triple net lease) are particularly sensitive to the increase use of this revenue source. In an attempt to provide some relief, Texas Governor Greg Abbott signed the Texas Property Tax Reform and Transparency Act. This Act is designed to slow the increase in property taxes, while increasing transparency of process. The Act will require cities, counties and other taxing units to obtain approval by taxpayer vote before attempting to increase property tax revenue by 3.5% or more from the previous year. It is hoped the additional cost […]
When real property is sold by a foreign person in the United States, buyers, attorneys, real estate agents, and title companies need to be aware of a potential trap contained in the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA). Under FIRPTA, the buyer is required to withhold 15% of the gross sales price, or the “amount realized,” to ensure any taxable gain realized by the seller is actually paid to the IRS. This additional withholding tax is due by the buyer from the sale to the IRS. The “amount realized” is the sum of the cash paid or to be paid (principal only), the fair market value […]
At some point during a divorce, questions arise regarding separation of joint assets, like a house or other real estate. Fortunately, there are workable solutions with a little cooperation from each spouse. The following are some of the most common real estate questions raised by clients facing a divorce: Do I Really Need to Sell the House? It depends. If joint ownership between you and your ex-spouse does not make sense, and neither spouse wants to keep the house or can afford the mortgage alone, then selling is the logical choice. Proceeds from the real estate sale can be divided between divorcing spouses without the need to wait for the […]
Property classification may seem confusing, but in legal terms, all property is classified as either real property or personal property. Because each is treated differently under state and federal law, it is important to know the type(s) of property you are dealing with when drafting a contract or determining property rights, so that you can seek optimum legal protection. Real property is the actual land, and anything permanently attached to it. Real property also comprises the airspace above the land and the natural resources on or under the land. In property law, real property includes the rights of use, control, and disposition of the land and those attached objects. Personal […]
Rosenblatt Law Firm is proud to represent many clients that successfully invest in real estate. As a new investor, you should be prepared to answer several questions about yourself: What is your appetite for risk? What are your resources? and What are your goals from the real estate investment? There are also several external issues worthy of consideration before investing in real estate: Who will manage the property? Simply hiring someone to manage the property is not enough. Proper restrictions must be in place—even for professional managers. Leases may not extend beyond the period an owner is willing to release the property and managers must be held accountable for expenses […]