2022 Texas Real Estate Laws: What Homeowners and First-Time Buyers Need to Know
As a homeowner or potential first-time home buyer in Texas, it's essential to be aware of the real estate laws that will be going into effect in 2022. These laws can significantly impact your investment, so knowing what they are and how they might affect you is necessary. This blog post will discuss the most significant changes coming in 2022 and how a real estate lawyer can help you take advantage of them.
Home Equity Loans
One of the most significant changes in 2022 is a new law that will make it easier for homeowners to take out home equity loans. This change is designed to help Texans affected by Hurricane Harvey, who may need access to additional funds to rebuild their homes. Home equity loans are an excellent way for homeowners to get access to extra money when they need it, so this change is sure to be welcome news for many people in Texas. If you're looking into getting a home equity loan or taking out another type of mortgage on your home, make sure that you've got an experienced real estate lawyer by your side throughout the entire process.
Removal of Deed Restrictions
Another meaningful change coming in 2022 is the removal of deed restrictions on vacant lots. This means that people who own vacant land in Texas will no longer have to worry about what buildings they can build on their property or how many homes there are next door to them. Removing these restrictions is a big win for real estate developers looking to build new houses and condos across Texas. If you're thinking about buying some vacant land in Texas, make sure to talk to a real estate lawyer who can help you take advantage of this change.
Property Tax Law
Finally, the new Texas property tax law is the most significant change coming in 2022. This law will drastically alter how property taxes are calculated in Texas, and it's essential to understand how it will affect you. The new law is designed to make property taxes more equitable across Texas so that everyone will be paying their fair share. However, the change could also result in some people paying more or less in property taxes than they are currently paying. If you're worried about how the new property tax law might impact you, make sure to talk to a real estate lawyer who can help you understand how it works and what steps you need to take to get ready for it.
Consult with an Abundance Law Attorney
As you can see, there are some significant changes coming in 2022 that will affect homeowners and first-time home buyers in Texas. Make sure to stay informed about these changes. At Abundance Law, we look forward to assisting you in ensuring that your home is protected and that you're taking advantage of any legal benefits available. Schedule a free consultation with one of our real estate attorneys.
