This is a follow-up to my previous article entitled “Other Important Deadlines to Calendar in Texas.” In that article, I noted under the section entitled “Designation of Responsible Third Party” that House Bill 274 was pending before the Texas Legislature and its passing could modify the designation of a Responsible Third Party (“RTP”). The Texas [...]
In many business and real estate transactions, large and small, it is common for the parties to sign a letter of intent (also taking the form of a memorandum of understanding or term sheet) to outline the key terms of their anticipated transaction prior to the negotiation and drafting of a final, definitive agreement. A [...]
Texas law generally allows a party to recover attorney’s fees from his adversary only when a contract or statute permits it. Even then, many considerations factor into a fee award, such as the very wording of the fee provision in a contract. For example, the form sales contracts promulgated by the Texas Real Estate Commission [...]
“Vested rights” are the development rights that “lock in” as of a given date, and generally the governmental restrictions on development at that date remain the restrictions applicable to that development. “Vested rights” inure to a project and stay with the project if pursued and not abandoned; they do not, however, inure to the property separate from the project.
The warranty of good and workmanlike construction focuses on builders’ conduct, requiring them to construct houses proficiently and according to industry standards. It covers defects in plumbing, wiring, and foundations, for example, that are not readily apparent. This warranty is a “gap filler,” or default, which applies if the builder and buyer do not expressly agree otherwise as to how the builder or house is to perform.
In an effort to resolve school finance reform issues and attempt to lower property taxes, the Texas Legislature adopted a comprehensive tax reform plan in 2006, whereby the state franchise tax was replaced with a revised business franchise tax, also known as the “Texas Margin Tax.” Previously, the state franchise tax applied only to corporations [...]