| Volume 142 Number 93 |
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The People’s Lawyer’s Tip of the Day
At first, scammers tried to get you to wire them money. Then, they demanded payment with gift cards. Now, scammers are luring people into paying them with Bitcoin – a type of digital money or cryptocurrency. Click here for more.
The housing market will likely heat up again in 2020
The sluggish housing market is about to pick up speed again, according to real estate brokerage firm Redfin. Sales slowed in the first half of 2019 as rising mortgage rates, along with rising home prices, kept many would-be buyers on the sidelines. Redfin researchers predict that dynamic will shift early in 2020. Low inventory levels and more buyers entering the market will probably bring a return of bidding wars, especially in sought-after markets and neighborhoods. That’s good news if you plan to sell your home, but it will make it a little harder to buy a home, at least in the short term. But things could change quickly. Click here for more.
Your Money
Whether you're a first-time homebuyer or have bought and sold multiple homes, closing costs can complicate your home purchase because you need to budget for the costs at the same time you're trying to put down the largest possible down payment. The term "closing costs" includes a variety of expenses above the purchase price of your property, such as fees for an attorney, a title search, title insurance, taxes, lender costs and some upfront housing expenses such as homeowners insurance. Some of those costs are nonnegotiable, such as recording or transfer taxes charged by your state or local government. Others, such as your lender's fee, can be negotiated. Click here for more.
For the Lawyers
Texas Supreme Court holds class arbitrability is a “gateway issue” to be decided by court, not arbitrator, absent “clear and unmistakable” contrary agreement. In its decision, the court noted this was a reversal of its 2004 decision in In re Wood. The court stated: Though Wood squarely decided the “who decides” issue, this is one of those rare circumstances requiring us to reconsider our prior decision. Given the persuasive authority casting doubt on Wood’s core holding, the court of appeals anticipated as much. But even though we reach the same conclusion about Wood’s continued vitality for essentially the same reasons articulated in the court of appeals’ thoughtful and well-written opinion, only this Court can abrogate established precedent. The court of appeals understandably viewed Wood as an anachronism but was obliged to follow it as precedent until we overruled that decision. We do so today. Click here for more.