Today’s Title Tip is a weedy issue if you’re considering a different kind of ‘joint’ ownership. It involves getting title insurance for a property being acquired to use for marijuana-related business enterprises.
While medical or recreational use of marijuana is not legal in Texas, there are plenty of folks who think it could be some day. Lots of forward-thinking investors might look at real estate for growing, processing, or selling marijuana if it becomes legal here. Or they could be looking to buy similar property in a state where it is legal.
There are 22 states that allow legalized medical use and nine more than allow both recreational and medical use. This growing industry is attracting real estate-minded buyers. But your plans could quickly go up in smoke.