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San Antonio's Property Management Specialists

Since 1985, the Pyramis Company has grown to become one of the most successful professional fee management firms in San Antonio. The Pyramis Company currently manages single family units, as well as small apartments, in the San Antonio and Bexar County area. Our personal commitment lies with the owners we work for. This is why we have had some of our clients since the 1980s. Once our clients see what we can do for them, they stick with us.

Your Credit Report Put in Plain English

Credit scores are compiled separately by the primary consumer reporting agencies; Equifax, Experian, and Trans Union. These credit reporting bureaus compute scores differently, and base their scores on information that may differ from other bureaus. Read on…

 


 

Termination of Agency

Have you ever wondered what might happen if you desired to dissolve an agency agreement? Many people believe that the contracts constructed between the owner of a property and their agency are unbreakable and immutable. However, this is far from being the case. It is possible to terminate an agency agreement under certain circumstances and by following the proper protocol.

 

Make sure that you know all of the possible scenarios and outcomes in the event that you need to terminate an agreement. Take a closer look at this basic outline for how an agreement can be ended by both parties, one party, or by operation of the law.

 

Termination by Both Parties

 

While either party can set this into motion, a termination by both parties comes about when everyone is willing to agree that the agreement should be dissolved. The mutual consent found in this type of dissolution makes the entire process much simpler. It may also mean that the contract will end because the agency completed the work it was hired to do or the timeframe for which they were hired has finally run out.

 

Termination by One Party

 

This is a slightly more complicated way to go about terminating your work with a property management company. An owner of the property can attempt to revoke the agreement at any time with just cause, but they may still be liable for some of the terms. Without a just cause, the owner could still find themselves on the hook for the service fees that the brokerage was counting on or reimbursement for expenses.

 

On the other hand, the agent might be the one to decide to revoke the contract if the property owner is being uncooperative. This might mean that they aren’t willing to sign off on repair work, make the house available for showings, or lower the rent price to something that fits into market value. Similar to what would happen to the owner, the agent may be responsible for damages if there was no just cause to revoke the contract. Of course, this is a very subjective thing to determine.

 

Termination by Operation of Law

 

The final way that a contract agreement can become null and void is through operation of the law. Contracts may be considered void if either party dies, is declared insane, or if there is a major change in the law that would render the contract illegal. Death can be a little tricky to work with because it doesn’t always mean that the contract will be dissolved. It could continue if either party is an entity like a trust or a limited partnership instead of a single person. Insanity would limit the contractual capacity of at least one party, making the agreement incapable of being enforced. Last but not least, if a contract is illegal, it automatically becomes void.

 

Once you enter into a relationship with an agency, their responsibilities to you do not simply end. Even if the contract is terminated, they may still hold certain obligations to continue to act in your best interest. Make sure you know what your rights are when it comes to termination of agency. It helps to work with one of the top commercial property management agencies in the area. Contact Pyramis Company today for all of your property management needs!

 


 

Email Negotiations and the Creation of Contracts

 

Email has become one of the most convenient methods of communication today, so why not use it to hammer out the details of a contract? Deciding whether a contract can be created via email is a little more difficult than you might imagine. An exchange of emails does not always have the power to create a binding contract between the agency and the property owner. The details contained in those emails have to be reviewed to see if that contract would hold up in court.

 

If you want to learn more about how an email contract is evaluated, here are a few of the ways a court system will determine its validity. Make sure you’re familiar with these details before you create or enter into one of these agreements.

 

UETA Purpose and Meaning

 

The Uniform Electronic Transaction Act is the primary reason why individuals are able to consider creating a contract via email. It states that a record or signature cannot be denied legal effect by being in an electronic format. As long as there are no records that state that one party wants to opt out of the contract, UETA allows these email agreements to hold up in court. The rest of the elements of the contract remain the same.

 

Unless you are signing a contract that is required by law to be in writing, an electronic signature will work for an online contract. An electronic signature is defined as a sound, symbol or process that is legally associated with a record or is used by a person with an intent to sign an agreement. It can be attributed to a person if they were the one who created it for the sole purpose of signing the agreement.

 

The Contract Elements

 

The elements for an enforceable contract must include an offer and acceptance that mirrors the terms of that offer. There must be a period of consideration, a meeting of the minds, and direct communication that demonstrates that both parties have agreed to the terms of the agreement. Last but not least, the delivery of the contract must be mutually binding.

 

While those might seem like achievable milestones, there is an additional step when the contract pertains to real estate. Real estate contracts in regards to property must follow the statute of funds, requiring both a contract in writing and a formal signature. Keep in mind that a real estate broker is generally considered to be a “special agent” and is not able to bind a property owner to a transaction. Only a general agent can perform this.

When it comes to creating email contracts, there is a lot of grey area about what is allowed and who can conduct these negotiations. It helps to have the assistance of an experienced property management company on your side. At Pyramis Company, we have over 30 years’ experience working with property management that can work to help you have a more successful real estate experience!

 


 

The Mortgage Market is About to Get Smaller

 

Years ago, it was relatively simple for consumers to head out to their local lender and receive approval for a mortgage. The ease with which people could receive loans proved to be detrimental to the overall economy when many of them lost their homes in the great housing crash that occurred during 2008 and 2009. Over the past few years, the government has begun to put the protocol in place to prevent another housing crash from happening in the future. These safeguards now mean that the mortgage market is about to get much smaller.

 

What is really going on with the mortgage market and what do those changes mean for consumers? Let’s take a look at what changed during the early 2010s to see how it could impact the mortgage that you were planning to apply for.

 

Total Debt Changes

 

Perhaps the most substantial rule that was put into place by the Consumer Financial Protection Bureau was a cap on consumer debt. Lenders are now discouraged from loaning to consumers who have total debt that equals more than 43 percent of their yearly income. This can include car payments, credit card debt, student loan bills, and any other monthly obligation that they have. This prevents people from borrowing more than they can reasonably afford to repay.

 

These changes are so significant for the mortgage market that many people are applauding the new standards. Lenders have more protection from clients that will default on their loans, and consumers have a better chance of keeping their home. Unfortunately, this will exclude some people who might have otherwise qualified for a mortgage but will now be unable to purchase a home until they can pay down some of their debt.

 

Interest Rates

 

Interest rates are one of the first things that consumers compare when they start shopping for a new mortgage. While the rates have started to decline over the recent years, there are still some that claim they are too high. This can definitely cause the mortgage market to shrink while consumers watch from the sidelines for the rates to fall once again.

 

One of the other major aspects of the changes made by the Consumer Financial Protection Bureau is to limit the advertisements set out by lenders. They are no longer allowed to advertise “teaser” rates that will skyrocket in later years. In a similar vein, they are also no longer allowed to offer loans that require large balloon payments that are to be repaid at the end of the loan term.

 

Not all changes to the mortgage market were negative though. While it is still likely to continue shrinking, there were several changes made that would make loans more accessible to moderate- and low-income families. These were much-needed changes that could help to open doors for borrowers who would otherwise be excluded by these newer policies.

 

When you want to purchase a new home for the purpose of investment, you should entrust it to one of the reputable property management companies. Pyramis Company can give you the help you need to rent your home successfully!

 


 

Investor Insurance

 

Do you have investor insurance on your properties? Many people might wonder if this is truly necessary to maintain insurance on a property that they don’t primarily live in. However, you want to make sure that you keep an adequate coverage on your rental properties in order to protect your investment. You never know what could happen to your home in terms of emergencies, disasters, or problems with a tenant.

 

Purchasing the right investor insurance makes a major difference in how your home will be treated in the event of an emergency. It’s time for you to review your investor insurance for the year if you haven’t already done so. Here are a few tips to help you get the best coverage possible from your investor insurance.

 

Check Your Coverage

 

The first thing you need to do is make sure that you have adequate coverage on the home now that it is an investment property. Make sure that you drop your homeowner’s insurance because it is likely invalid now that you no longer reside in the property. It is far more important for you to keep investor insurance on the property with a rental or landlord policy.

 

A rental or landlord policy is designed to help cover you in the event of a fire or other liability with a few extras like vandalism. You want to ensure that your policy covers lost rent if the building needs to be rehabilitated or rebuilt after one of these major events. Make sure that your policy offers enough coverage for the current replacement value of the property.

 

Liability Insurance

 

All landlords should have some type of liability insurance on their property. This can cover events like personal injuries on the property, slander, discriminations, unlawful and retaliatory eviction, and invasion of privacy for the tenants and their guests. Keep in mind that there may be some differences from this list in an individual policy but try to obtain as much coverage as possible from a new policy.

 

These policies are generally inexpensive compared to the potential value of the home. It is recommended to go with a slightly more expensive policy to cover you financially in the event that you should need this policy. Most experts will suggest an umbrella policy that covers up to $2,000,000 in legal fees. However, this is something that you should discuss with your insurance agent.

 

Tenant Insurance

 

Generally speaking, investor insurance is not going to protect any of the belongings of the tenant in the event of a disaster. It is advised that they carry their own renter’s insurance in order to prevent significant losses in the event of a fire or natural disaster. While this may be an optional purchase, it should be highly encouraged.

Selecting the right investor insurance can be a tricky process, so be sure to work with your insurance agent to find out more. Your insurance agent and Pyramis Company can make sure you have all of the rental property management services you need for your rental to be a success!