Any time a commercial or residential landlord intends to real estate to a tenant, they should consult an experienced attorney that can provide a customary lease. Don’t just but a contract online. Don’t download one from those online websites like Rocklawyer.com. Also, if you have an old lease that you have been using over and over, considering having a Houston real estate lawyer take a look at it. Laws change. Not only that, but a good lawyer can find problems in an existing lease and either correct its deficiencies or provide you with a new and better contract.
Did you know that Chapter 66 Section 66.001 of the Texas Property Code changes the rules for unsubordinated leases place on mortgaged property? The new statute provides that a subsequent foreclosure does not terminate the lease. Purchasers at the foreclosure sale begin receiving subsequent royalty and other payments due under the existing lease. As previously stated, laws change. Make sure you are up to date with the laws and their applicability to your contracts.