Proximity to building concerns home buyer
Q: I’m considering buying a house within a block of an office building. Does the building affect the long-term value of my house?
A: That is a value judgment. Is the house discounted to you because the building is a block away? If not, there’s your answer. Do you work in that office building? Do you want to work in that office building and walk to work? Without zoning, Houston has had a lot of these questions. We haven’t seen a great diminution on value because of the proximity of a building, particularly if it is a Class A building Q: I want to sell my house to my neighbor without the expense of a Realtor or lawyer. How do I do that?
A: That’s an unfair question to post to a Realtor and attorney. We always suggest professional help for anybody getting into a real estate transaction. If you want to go it alone, access the Texas Real Estate Commission website and download the applicable forms and see if you and your neighbor can figure out how to fill in the blanks. Make sure you use all of the applicable forms. You will need to pick a title company to handle the closing. They can help you with that aspect of the transaction. There are a lot of minefields out there, so be careful.
Q: I helped my daughter buy a house, and I’m now on the deed as a part owner. Can I convey my interest to her now that we’ve closed?
A: Does your mortgage (deed of trust in Texas) have a clause that says if you convey the property, the lender has the right to call the loan due? You need to check it, for sure. If there is no restriction, you can do it. You also can contact the lender and get permission, since you are still obligated on the note, they may be willing to let you convey it to another family member. If your daughter is married, your interest becomes her separate property, not part of her community property. This process is not as simple as you might think.
To send us a question visit www.AskGeorge.net and select the “Ask A Question” button. Our answers to questions do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney. George Stephens is the broker of Stephens Properties. Charles J. Jacobus, J.D. is Board Certified by the Texas Board of Legal Specialization in Residential and Commercial Real Estate Law.