The Property Source Real Estate Blog

Upcoming events at the Cynthia Woods Mitchell Pavilion begin February 8, 2014.  Here's the schedule so far:

February 8 - The Pavilion's Prom Night "Feels Like the First Time" Gala located at The Edge and featuring Foreigner

 

April 9 - Arcade Fire 7:30pm

April 10 - Kings of Leon 7:30pm

April 27 - II Divo 8pm

May 23 - Journey & Steve Miller Band with Tower of Power 6:45pm

For tickets or more information, call 281.363.3300 or visit www.woodlandscenter.org

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The Executor named in a will has a number of duties to perform.  Among them are:

  • Reads the will and expedites the burial instructions.
  • Meets with family members and other interested parties who desire aid and information, meets with the attorney who drew the will and persons familiar with the financial affairs.
  • Safegaurds the assets and takes immediate protective measures as are desirable prior to appointment as executor - looks into insurance and protections of real and personal property, has knowledge of the ongoing business interests, examines all of the books and files, and gives notice of the death to banks, safe deposit companies and others.
  • Petitions the Court for Probate of the will - obtains proof of heirship, locates witnesses,
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Application for Probate

Texas probate law requires that you wait about 2 weeks before you can have a hearing on the probate application.  The court will determine if it's necessary to open the Administration of the estate or to recognize the decedent's will as valid.  

During these 2 weeks, the County Clerk will post a notice at the courhouse that an applicaion for probate has been filed.  The posting serves as notice to anyone who might want to contest the will or administraton that there are a certain number of days for them to do that.  If no contest is made within that time, the court can move forward in opening the administration and/or recognizing the validity of the will.

Once the waiting period has passed a hearing will be held before the…
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Let me first say that this series is not intended to be a legal guide.  It's merely to give you an idea and information about Real Estate and the Probate process in Texas.  If you have specific questions, please consult an attorney.  

As soon as someone dies, everything they owned immediately belongs to someone else.  One of the primary functions of the probate process is to provide another link in the chain of title showing the transfer to the new owners.  Probate refers to the entire legal process of wrapping up all the affairs - debts and assets of the decedent.

The probate process typically consists of:

  • Determining that the person actually died by obtaining a death certificate
  • Reviewing whether or not a valid will was left 
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The Fall Fine Arts Show is returning to The Woodlands Market Street on Saturday, October 26, 2013.  Hours are 10 am to 7pm.  Both professional and amateur artists will display paintings, photography, metal-works, sculptures, pottery and much more!  Come and enjoy walking through Market Street's Central Park while listening to live music and perusing the unique hand-crafted pieces designed by local and regional artists.  Demonstrations and fun activities are planned throughout the day.  I If it rains, the Market Street Fall fine Arts Show will be rescheduled to Saturday, November 2, 2013.  

Admission to the event is free and open to the public so come on over and enjoy the day!

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This just out - May home sales in the greater Houston area marked the 24th straight month of positive home sales and accounted for the largest one-month sales volume of all time and record-high pricing.  Needless to say, this is causing a further shrinkage in the short supply of Houston area homes on the market.

According to HAR's latest monthly report home sales jumped 28% compared to May of last year, with contracts closing on 7,794 single-family homes during the month of May. Both the median price and average price of single-family homes saw increases. The median price rose 11.9% over last year to $188,000.  The average price increased 9% year over year to an all time high of $256,790.

Homes selling between $150,000 - $500,000 saw the greatest

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Texas shoppers will again get a tax break from state and local taxes on most clothing, footwear, school supplies, and backpacks priced under $100.  Shoppers can save as much as $8.25 for every $100 they spend.  You must keep each individual item purchased under $100.  If the item is over $100, you will pay the full tax due.

Here's a short explanation of what's included and what's not:

Most clothing but not special clothing or footwear designed for athletic activity or protective use and not normally worn except for the athletic activity or protective use.  For example, golf cleats or football pads which are designed for athletic use and not normally worn elsewhere do not qualify.  But, tennis shoes, jogging suits, and swim suits qualify.

Jewelry,

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funny_man_approvalI realize that by now, everyone looking to purchase a home is aware of the fact that a pre-approval letter is a must-have.  But some of you may not understand exactly why you have to have one, and why it should be from a local lender.  Here are some reasons:

1.  You should only look at homes you can afford and are comfortable making the payments on.  Why in the world would you want to torture yourself looking at homes that you cannot afford or frustrate yourself looking at homes that are well below your price point and don't meet your expectations?

2.  Realtors® are self-employed and only get paid when the transaction closes which is sometimes 6-8 weeks after a contract is accepted.  Many hours and money goes into helping you find your dream home.

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The latest monthly data prepared by the Houston Association of Realtors, home sales are up 17% compared to the same time last year.  March housing inventory was down slightly from January and February to just 3,5 months!

The lower supply of homes and high demand has caused prices to rise.  The median price of a single-family home rose 6.5% to $172,000, setting an all time record high for Houston.  The average price rose 4.6% compared to the same time last year, reaching $236,195.  This is the second highest price level ever.

5,779 Single-family homes closed in March, setting the largest on month sales volume since August 2012.  All housing segments saw gains except those priced below $80,000.  The greatest sales volume increase were in homes selling

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