Texas Real Estate Law: Law for using, buying, and selling a property
Real Estate laws are the law made for providing the principles of selling, buying, using, renting, exchanging any fixed property as well as it also works to gove homestead protection.
The Texas Real Estate Licensing Act (TRELA ) governs the licensing of the Texas real estate license holders. It functions to safeguard innocent people from dishonest brokers and sales agents. TRELA establishes rules for getting a real estate license. Prohibits the broker from unfair activities and there are penalties for the violation of the License Act.
The Texas Real State Commission (TREC) is the state agency governing real state practices in Texas and it works to ensure the licensed real estate service providers are qualified to advise the consumers about the transactions and the process.
Texas Homestead Law:
Under the Homestead Law, a person’s home (the homestead) is protected by law and is prevented from being sold by the creditors in order to get the deceased person’s debts cleared.
Texas Real state law gives the homestead protection from the creditors and preventing the person to become homeless. Except for the cases of tax lien, mortgages, home loans, or as a part of a divorce settlement, the Texas homestead laws protect the homestead from forceful selling to get the debts cleared.
Urban and rural property come under the homestead law. The urban property may include a home, a business, or even both. The law limits only the size and but not the value of the Urban homesteads. The urban homestead is limited to 10 acres whereas the rural homestead for one person can be 100 acres and for a family, it can be 200 acres.
Texas landlord and Tenant law:
In Texas, the law poses no limit to the security deposit. But if the landlord has no reason to withhold the security deposit with himself, then he will have to return the amount to the tenant within 30 days of vacating. The landlord will have to give a list in writing for any damages caused by the tenant if the landlord deducts any amount from the security deposit.
According to the Texas real estate law, the tenant can file a case against the landlord if the landlord violates the security deposit law. The landlords are no required to pay any interest on the security deposit to the tenant.
Texas Adverse Possession Law:
Adverse possession is a situation in which if someone goes onto someone else’s land without permission (trespasser) and treat the land as his own and work in accordance to improve the land for a period of time, then, in this case, the trespasser treating the land may become his owner and the land title may pass to him.
The law is made to discourage putting land go in waste thereby maintaining the land. In Texas, the owner of the land has 25 years to challenge the claim, after the time exceeds the ownership of the land passes to the trespasser.
Lands possessed by the Texa’s state and the municipal government are immune from the adverse possession law.
Texas Requirement for Adverse Possession: Beyond the length of time spend on the land there are few more requirements that the trespasser must have:
- The trespasser must use the land without permission of the owner.
- The trespasser must be present on the land and use the land as his own.
- The trespasser should use the land for a continuous period.
- The trespasser should openly use the land i.e. without hiding his occupancy.
Real Estate Sale and Purchase Agreement in Texas:
For the purchase of any real estate in Texas the contract must be in written form having signs of both the seller and buyer. The contract must contain an offer to sell or purchase the property, acceptance for the offer, a detailed description of the property, the selling price of the property.
However, the Texas real state laws are simple and well defined whether it may be related to selling, buying, renting, homestead protection, or owning a property. Texas homestead protection law prevents people from getting homeless to clear the debts of the deceased. Texas does not recommend the buyer of a house to involve a real estate attorney, but depending on the need the buyer can involve an attorney at any point. The real estate attorney works to overcome the complexities related to real estate.