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All Forum Posts by: Andy B.

Andy B. has started 11 posts and replied 121 times.

Post: Keyless Entry lock question

Andy B.Posted
  • Real Estate Attorney
  • Dallas, TX
  • Posts 124
  • Votes 29

one thing I have heard about the keyless locks is that those with the servo that slides the bolt back are subject to battery drain and when the battery gets low, the lock will not open since there is not enough power to slide the bolt.

So, Joel Owens you might check that out for your mom -- would hate for her to get locked out due to battery drain (granted they should still open with the key...) -- just throwing that out there.

Post: Tenant vacated, how not to dispose of items left behind

Andy B.Posted
  • Real Estate Attorney
  • Dallas, TX
  • Posts 124
  • Votes 29

article says that the Landlord stated that they did not post the ad.

My bet is that the tenant was angry and posted it when they moved out knowing what would happen.

Post: Trouble getting Estate to closing

Andy B.Posted
  • Real Estate Attorney
  • Dallas, TX
  • Posts 124
  • Votes 29

I don't know if it helps your situation, but I have not heard of a hospital lien attaching to real property (unless it was a loan to pay for hospital bills secured by the property).

This lien should apply to the estate and the probate court should be paying it out of the money of the estate -- some of that money should be the $50K you are paying to buy the house (if you could ever get the sale done).

Of course, this is what I know of Texas law and may not apply to your particular situation.

Post: How Do I Find Missing Title Insurance Policy?

Andy B.Posted
  • Real Estate Attorney
  • Dallas, TX
  • Posts 124
  • Votes 29

the lender should have received a lender's title policy (if they keep decent records).

One thought though -- when I review title commitments for my client I sometimes find the old liens and when I tell the title company that those are old and should not be a part of the title, they remove them. My understanding is that they sometimes use the title report that was last prepared for the new title report and don't always do the research to see if all the liens are actually active. So you might just call the current title company and tell them that those liens should be gone and see what they say.

Post: July 2012 DFW Meetup

Andy B.Posted
  • Real Estate Attorney
  • Dallas, TX
  • Posts 124
  • Votes 29

Sorry I missed it -- work was a bear last night and I didn't get out until late.

I'll do better next time.

Post: Casement Window Cranks

Andy B.Posted
  • Real Estate Attorney
  • Dallas, TX
  • Posts 124
  • Votes 29

Thanks for the info - I'll check with Ace (Home Depot and Lowes were no help).

This is for my Dad's new place, so the 10 bucks is not that big a deal.

I've done the steel wool trick for now.

Post: Casement Window Cranks

Andy B.Posted
  • Real Estate Attorney
  • Dallas, TX
  • Posts 124
  • Votes 29

Has anyone had to replace the crank handle itself? I have one that has a stripped gear in the handle (female cog portion) and I cannot find a replacement -- or more accurately, I find way to many replacements.

How do I know that the handle I am buying will actually fit my window?

{if it matters, the handle is a "Truth" window product, but their website is no help}

Post: Contracts 101: Effective Date of the Contract

Andy B.Posted
  • Real Estate Attorney
  • Dallas, TX
  • Posts 124
  • Votes 29

forgot to add -- when defining the Effective Date in a contract, you should also use the term "Effective Date" to trigger time periods.

As in: "the inspection period shall be 45 days after the Effective Date"

Post: Contracts 101: Effective Date of the Contract

Andy B.Posted
  • Real Estate Attorney
  • Dallas, TX
  • Posts 124
  • Votes 29

Your contract needs to tell you what the Effective Date is.

In most buy/sell contracts in Texas, the form will say that the Effective Date is the date that all parties have signed and the escrow agent (title company) has received the fully executed contract and the earnest money. The escrow agent should sign the contract indicating this date. If they have not, get them to send notice to all parties indicating the date.

In other contracts, I suggest you make sure you put a clause in the contract stating when the contract is effective. A simple sentence will work:

"The Effective Date of this contract is ____________" {you can fill in the blank with an actual date, or a statement that the effective date is the the date the last party signs the document, or whatever}

This will clear it up and you won't have to worry that one party thinks time periods run from a different date.

Post: Please review my 4 plex analysis

Andy B.Posted
  • Real Estate Attorney
  • Dallas, TX
  • Posts 124
  • Votes 29
Originally posted by Nathan Emmert:
Originally posted by Andy B.:
Originally posted by Shane Woods:
Looks like vacancy is covered under his 50% rule calculations, but as Kyle J. said, they're still flawed due to the lack of PMI, Insurance, & Taxes being figured in...

I had thought the 50% rule was used to account for all expenses except the mortgage (so it would include Taxes and Insurance) -- am I reading that wrong?

Nope, you're correct in your understanding of the 50% guideline... that said, the taxes here are inordinately high at something like 25% of GOI. If you dig into the 50% rule, you'll see taxes normally range in the 5 - 10% range. He should be expecting his expenses to be closer to 65% of GOI based on the taxes.

That's what I thought -- I just wanted to clarify so Sean F. did not use the 50% rule and then further alter the amount be deducting Taxes and Insurance.

I think the numbers (with the 50% rule) look good enough to warrant further investigation into actual numbers to see if the high tax number creates an issue.