You can ban a new tax on real estate

In Lehman's Terms Call it what you want: A real estate transfer tax. A sales tax on real estate. A real estate transfer fee. A home tax. They're all the same thing: A tax on the sale of your property. Thirty-seven states have such a tax, but Texas does not. And you have the opportunity to make sure Texas never has one. Proposition 1 on the November 3 ballot gives Texas voters the chance to ban a real estate sales tax. Forever. You already pay high property taxes. A vote for Proposition 1 ensures you won't have to worry about adding this tax, too. This vote is important for your personal finances but also for the state's economy. I've participated in economic development initiatives that encourage businesses to relocate to Texas. The message from these out-of-state businesses is always the same: They want to come to Texas for our business-friendly climate and because we don't have a state income tax. But they worry that the state's high property taxes will complicate the relocation of employees. However, when I inform them Texas is one of 13 states that does not have a real estate tax, they again want to come to Texas. Proposition 1 will ban taxes on the sale of real estate. It will also take the first step toward lowering property taxes in Texas. Voting for Proposition 1 saves property owners money now and in the future. Mark Lehman is the vice president of governmental affairs for the Texas Association of REALTORS®.

Fall Beach Cleanup on South Padre Island

September 26, 2015 Fall Beach Cleanup!

City of South Padre Island City Council Candidate Forum

Mark your calendars for the City of South Padre Island City Council Candidate Forum: Thursday, October 1, 2015 5:30 pm - 7:00 pm SPI Convention Centre Forum hosted by the SPI Chamber of Commerce

Can I ask if other applicants want the apartment?

I applied for a lease and asked the property manager if there were other applicants for the unit I'm looking at. She declined to answer my question. Can she do that? Yes. She can decline to answer the question if the landlord has instructed her to do so, because property managers are not required to inform you about other applicants. Keep in mind that if you submitted a TAR Residential Lease Application, that form states that the landlord can continue to show the property to other prospective tenants and can accept another offer absent a written agreement otherwise.

Listen to the latest "Inside Texas Real Estate" podcast at texasrealestate.com/inside to learn about the power Texas voters have this November.

Are these rumors keeping you from being a homeowner?

Many people get misinformation about the homebuying process. Don't let false rumors like these keep you from buying your own propery: "You can't buy property if you have a history of bad credit." You don't need a perfect credit score to qualify for a loan, and you can take steps to repair your credit that will put you on the path to homeownership. Talk to a Texas REALTOR® about your current financial situation to determine a realistic timeline for your home purchase. "You need a 20% downpayment to buy a home." There are many programs and mortgage loans available for homebuyers who have less than 20% for a downpayment or no money for closing costs. Visit txhomeprograms.org and contact a Texas REALTOR® to learn about programs you may qualify for. "You can't buy property in Texas if you're not a U.S. citizen." Texas properties have been desirable investments for international buyers for years. In fact, international buyers accounted for $11.06 billion in home sales in the state between March 2013 and March 2014. There are Texas REALTORS® who specialize in working with international buyers and can help you understand the process. Heard other rumors you're not sure about? Find a Texas REALTOR® to help you figure out the realities of purchasing your own property in Texas.

The highest offer isn't always the best

Price may be the most important factor when deciding whether to accept a buyer's offer for your home, but it's not the only one. Here are some other considerations: Do you have the time? If you need to close as soon as possible-or if your circumstances require a later date-you may prefer an offer from a buyer that matches your time frame to one that's a little higher but inconvenient. Does it depend on factors outside your control? A purchase offer contingent on the buyer successfully selling her home first may not be as attractive as one without a contingency clause. Is the buyer qualified? The less you know about whether a buyer can get a loan for your home, the higher the risk of the transaction falling through. A buyer who shows that he has been preapproved for a loan is less likely to have problems following through with the purchase. Do you have to jump through hoops? Buyers may ask for appliances or furnishings to be included in the sale. They could request that you make certain repairs. They might even ask you to pay some costs typically paid by buyers. Each request such as these makes the offer price a little less valuable. Your Texas REALTOR® can review offers with you to discuss how they stack up in all aspects, not just price. Then you can move forward with the transaction that works best for you.