What's Important In CRE Today

 Most agents, especially residential agents, think there is only one type of survey. Think again.  There are actually seven types of surveys used in conjunction with land sales, development, etc., with the most detailed being an ALTA survey, which is required in most Texas real estate contracts, especially those promulgated by the Texas REALTORS® Association (TXR). The seven types of surveys are: 1. ALTA/ACSM Survey The purpose of this type of survey is to provide a title company and/or lender with the necessary location and survey data to issue an American Land Title Association or Extended Coverage Title Insurance policy. An ALTA/ACSM survey usually shows the relationship between existing improvements on a particular parcel of land relative to the boundaries set forth in the property’s deed. This is one of the most comprehensive types of land survey because it covers all of the features and characteristics of the property.  It is literally a survey "map" of the property...

Rock Island Cemetery, Washington, Tx If you deal with land sales of any kind, eventually, you'll have to deal with a cemetery. When this happens, it will be helpful if you're aware of several points and laws dealing with them in the State of Texas. 1) Can a Cemetery be Moved?  Technically, yes.  In certain circumstances, the owner of a property on which there is an abandoned cemetery or which is adjacent to an abandoned cemetery on unclaimed land may petition the Texas Historical Commission to have the remains removed.  For such a petition to be granted, the cemetery must be more than 50 years old with no, more recent burials, and the individual or entity who gets approval from the State of Texas must bear the cost of the relocation from start to finish, including any permits. That expense alone is almost 100% prohibitive.   Once granted the bodies must be disinterred under the supervision of "a professional archeologist, and, when appropriate, with the assistan...

One of the side effects of Covid and the federal government's associated SBA loans to affected companies and investors has been a huge backlog in approval time required for any SBA-backed loans.  What used to take three to four months, now in reality takes a minimum of eight months in most cases, and in some cases over a year.  Obviously, sellers aren't wild about waiting over a year for a contract to close, so the option many investors are using is what's called a "bridge loan".   When third-party financing is involved, such as an SBA loan, a bridge loan "bridges" the gap between the closing and permanent funding and is generally granted via a short-term conventional or personal bank loan at a higher interest rate than the anticipated final loan from the SBA.  Bridge loans can also be used to bridge the gap between the closing and approval of a standard conventional commercial loan.  When that is done, it's generally by acquiring a "hard money...