The most common form of a commercial lease is often referred to as a triple net lease. A triple net lease means that in addition to the monthly rent due, the tenant pays common area maintenance (“CAM”) fees, annual insurance costs, and property taxes.
When buying a home or a piece of property, most people do not expect the big stack of documents delivered to them at closing. These documents often include the Homeowners’ Association documents, plats or maps, and a large document entitled the “Declaration of Covenants, Conditions, and Reservations” (“CCRs”).
Homeowner’s Associations (“HOAs”) in Texas have enormous power, subject to restrictions found in their formation documents and state law, ranging from the authority to collect dues from homeowners to enforcing restrictions on construction or how a homeowner’s lawn should appear. While many homeowners live subject to an HOA, the do not necessarily understand what authority an HOA has over the decisions a homeowner wants to make regarding their property.
Because a realtor is prohibited from practicing law, a standardized form is required in all real estate transactions executed without an attorney. A promulgated contract is simply a blank form the Texas Real Estate Commission approved to be used by licensed brokers and agents, but as a fill-in-the-blank contract it’s not doing its best to protect you.