This past legislative session in Texas saw the enactment of a few bills that can affect real estate transactions. I will be summarizing a few bills that may be of interest to you in a 4-part series. This is part 2 of the series, and explains how legislation affects real estate and how it can help you protect your Homestead in Texas.
Here’s a brief summary of the bill:
Here’s a brief summary of the bill:
House Bill 3115: Release of Abstract of Judgment From Homestead
An Abstract of Judgment is a court issued document that may allow a claimant (creditor) to place a lien on Real Property owned by someone (debtor). In Texas, homesteads are considered favorites of the law though and the Texas Constitution provides that a homestead is exempt from seizure for the claims of most creditors.
Historically a title company was unable to make the legal determination as to whether or not the property was in fact the seller’s homestead.
This bill sets forth a period in which all parties can rely on a recorded homestead affidavit to determine whether or not a specific piece of property is the seller’s homestead. This law allows title to rely on the affidavit – assuming it is properly filed – for a 90 day window as long as the creditor is properly noticed and they do not file an objecting affidavit.
If you have any questions, please call me at (817) 952-9000
Historically a title company was unable to make the legal determination as to whether or not the property was in fact the seller’s homestead.
This bill sets forth a period in which all parties can rely on a recorded homestead affidavit to determine whether or not a specific piece of property is the seller’s homestead. This law allows title to rely on the affidavit – assuming it is properly filed – for a 90 day window as long as the creditor is properly noticed and they do not file an objecting affidavit.
If you have any questions, please call me at (817) 952-9000
