RE Contracts Ch. 1 Parties

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  1. The full names of the buyer and sellers should be listed as well as
    their marital status
  2. et ux
    • and wife
    • ex: Mr. John Jay Zeller et ux Susan Homesly Zeller
  3. et vir
    • and husband
    • ex: Ms. Susan Homesly Zeller et vir Mr. John Jay Zeller
  4. A contract naming one of two married persons, such as the husband, as the buyer will not in itself vest separate property in the husband.
    true
  5. Property of a married couple is presumed to be community unless proven separate.  What are 3 ways a property can be considered separate?
    • 1. property owned by either spouse before marriage: except a homestead
    • 2. property acquired during the marriage by gift, devise or descent
    • 3. property obtained under a proper agreement, such as a prenuptial agreement or a partition agreement.
  6. Whether the homestead is the separate property of either spouse or community property, neither spouse may sell, convey, or encumber the homestead without the joinder of the other spouse except as provided in the chapter or by other rules of law.
    true; even if one spouse is living in the home
  7. A homestead is a person's
    principal residents.
  8. A lien against a homestead takes two signatures as well.
    true
  9. Common Law Marriage
    • -man and woman live together
    • -they must agree to be married
    • -they must tell the world they are married
  10. Ceremonial Marriage
    -you have a ceremony and certificate to get married; what we have
  11. Unmarried persons who live together and want to buy or sell
    • -names listed in full and the phrase "a single person should be added after each name".
    • ex: Jill Emory Lovebird, a single person, and John Henry Amity, a single person, as tenants in common
  12. A seller may walk away from a contract if both of the sellers do not sign.
    true; contract is unenforceable
  13. It is better to fax, etc., a contract to get the other out-of-town spouses signature, than to have a power of attorney sign.
    true; some lenders will not accept a power of attorney.
  14. If the two unmarried persons that are on the deed decide to get married the property becomes community property.
    false; they remain tenants in common, each with a separate 50% share.
  15. If one of the two unmarried persons who own the property decides to sell and the other disagrees, what must be done
    court action for partition will have to be filed
  16. Divorced owners become what
    • co-owners as tenants in common
    • -property is no longer commmunity
  17. femme sole
    single woman
  18. baron sole
    single man
  19. Signal persons
    -should have full name and stated as single man or single woman
  20. Purchase with multiple persons
    • -each person should be listed, stated as single, tenant in common or joint tenancy
    • -if an agreement outline is needed, they must consult an attorney
  21. If two or more unmarried persons buy land, and they do not form any regular business organization to hold the title, such as partnership, a limited partnership, or a corporation, then they hold title as...
    • tenants in common
    • -even if a business takes partnership with an individual it is call tenants in common
    • EX: Kimberly Ann Henkel and Mitzi Allison Driscoll, as tenants in common
  22. Texas law provides that aliens can own land in Texas.
    true; all they need is their drivers license and ITIN tax card; they usually have higher interest rates.
  23. Probate
    • -"to prove"---wills must be submitted to a Probate Court and recognized both as to their inherent validity (signed with two witnesses), and as to its exclusivenesss
    • -unless probated within four years of death in Texas the will is no good.
  24. Independent adminstration
    -a probate arrangement in which Texas allows an executor, once approved by the court as executor, to take charge and move out the assets and pay off creditors without constant court permission for every action.
  25. Executor
    • -a person named in a will and recognized by a probate court to carry out the terms of a will
    • - distribute or dispose of property and assets and pay off creditors or fight false claimants.
  26. Death with a Will--Testacy
    • -The will must pass validity through a probate court.  Once it is passed as valid the person in the will (executor) is given the powers of "independent administration" meaning can make independent decisions from court. 
    • -All that is needed from an executor to sell the property is his/her signature.
    • -EX: John Blackstone Duhme, independent executor for the estate of Samuel Lowe Graveside, deceased.
  27. Interstate
    -dying without a will
  28. Administrator
    the person a court appoints to take charge of an estate
  29. Death without a will
    • -court appoints an administrator (person to take charge of the estate).  The administator is most likely NOT independent of the court and selling the property is a complex and long process.
    • -EX: George Thomas Lawless, Administrator of hte Estate of Elmer Finis Daid, deceased, and by order of the Court as Recorded in Cause No. 53207 of Diablo Couty, Texas, which order was signed on December 12, 1991 and is shown in the minutes of the county court of Diablo County.
    • -could also be given to heirs at law
    • -EX: George Thorogood Lomax, and Jill Lomax Valery, being all of the heirs at law of Virginia Mayfair Lomax, deceased.
  30. d/b/a
    doing business as
  31. Doing Business under an Assumed Name
    • -any person doing business under any name other than his or her own, must either be a corporation or file an assumed name certificate with the county clerk for county-wide recognition of the d/b/a or with the Secretary of State in Austin for statewide recognition of the d/b/a name
    • -EX: John Muir Naturale, d/b/a Yosemite Group or Yosemite Group
  32. General Partnership
    • -each partner has unlimited personal liability for the debts of the partnership, but there are many tax advantages.
    • -Two ways to list partnership:
    • --Robb, Steele, and Howe, a Texas Partnership
    • --Robb, Steele, and Howe, a Texas Partnership composed of John Henry Robb, Mary Thomas Steele, and William Anthony Howe
    • -if one partner is acting for the other partners, special provisions are indicated in the statement.
  33. Joint Venture
    • -normally set up to complete one project, such as to build a building.
    • -one partner is usually a corporation that provides the funds and the other partner acts as the developer and manager.
    • -EX: BottomFeeders Fund, a Texas Joint Venture
    • --Texas Rehab, a Texas Joint Venture, composed of Pension Funding, Inc., a Delaware Corporation, and John Upham Sharp Investments, Inc., a Texas Corporation.
  34. Limited Partnership
    • -usually has many limited partners, who provide funds and who are general partners, who manage the business. A limited partnership acts through a general partner.
    • -EX: Surgical Investments, a Texas Limited Partnership, acting by the through Armando Land Hammer, M.D., a General Partner.
  35. S-Corporations
    -a corporation that under the Internal Revenue Code may pass its profits through to the owners with only personal income tax applying and not corporation tax but S-Corporation has limits on size and shareholders--targeted for small business.
  36. Corporations
    • -a corporation should be in good standing to do business in Texas, which is registered by passing a lot of documents through Texas associations.
    • -lenders may ask for these documents
    • -EX: ChiliTex, Inc., a Texas Corporation or ChiliTex, Inc.
  37. Texas Limited Liability Partnership
    • -taxed like a partnership, but it has limited liability protection for each partner from other partners defaults, but not their own malpractices. 
    • -targets professionals; doctors, lawyers, accountants, etc. 
    • -EX: Gaff, Peccadillo, and Prurient, L.L.P., a Texas Limited Liability Partnership.
  38. The Texas Secretary of State's statistics show the LLC is the most frequently chosen business entity today.
    -true
  39. Texas Limited Liability Companies
    • -operates like a corporation and has limited liabilities like a corporation, and has partnership advantages of "pass-through" taxation.
    • -can have more shareholders than an S-Corporation; like the Texas LLP, each company is responsible for its own malpractices.
    • -Has Texas Franchise Tax; big tax
    • -few states recognize this kind of corporation
    • -EX: Tejas Investments, Limited, a Texas Limited Liability Corporation
    • ---Tejas Investments, Ltd., a Texas Limited Liability Corporation
    • ---Tejas Investments, L.C., a Texas Limited Liability Corporation
  40. Religious Institutions
    • -can be complicated if the institution is unicorporated; a non-profit unincorporated association fo persons cannot take title or convey title property; board of trustees or a biship can handle title
    • -EX: Paul Simon, Zoroaster Bhutta, and Moses Muhammed, Trustees on behalf of the Prophets' Resurrection
  41. In order to check for name of seller, and pass due any problems with title you can
    -contact the special services title checker at a title company; usually a fee

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Blue2xa88
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Filename:
RE Contracts Ch. 1 Parties
Updated:
2016-06-15 17:43:31
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Contract pg 1 Parties
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