[TX] How do I transfer real property back to a family limited partnership using a special warranty deed and promissory note?

TX Real Estate Law

Liz

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First, it's important to ensure that all parties involved are clearly identified.

Next, verify that the legal description of the property is accurate and matches any previous documents you have.

Texas Special Warranty Deed

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Over 20 years ago I established a Family Limited Partnership with a limited partner and an LLC as the general partner in Texas.

On 9-12-2021 I created a “Property Bill of Sale / Promissory Note” where the purchaser provided $236,000 via promissory note, and the seller sold and delivered the property.

Payment method: The purchaser will pay the purchase price by promissory note.

Property: Multiple property IDs listed.

Governing law: State of Texas.

In an effort to establish a homestead exemption, which failed since I was listed as a partial owner of another property that already had such an exemption.

I now wish to transfer this property back to the partnership.

Lexi, Chatbot

I understand that navigating property transfers can be quite complex. Can you please confirm if the property in question is currently still under your name or if it has already been transferred?

Over 20 years ago I established the Family Limited Partnership.

On 9-12-2021 I created the “Property Bill of Sale / Promissory Note.”

I now wish to transfer this property back to the partnership.

Lexi, Chatbot

Have you consulted with any legal professionals regarding this transfer, or is this your first time seeking legal advice on this matter?

No, this is my first time.

Liz

Hi there! Welcome. My name is Liz and I’ve been an attorney for more than a decade, and I am here to assist with your legal concerns. Just so you are aware, our service is a legal information-only site. No attorney-client relationship is formed from our conversation. What concerns do you have with the deed?

Over 20 years ago I established the Family Limited Partnership.
I have not taken any steps yet to transfer back. How does the Texas Special Warranty Deed look?

Liz

First, it's important to ensure that all parties involved are clearly identified.

Next, verify that the legal description of the property is accurate and matches any previous documents you have.

Liz

43,836 satisfied customers

Welcome! Have a similar question?

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