Has anyone here in Texas heard of L/O being considered executory contracts for conveyance and that this requires the owner to provide a detailed annual report to the tenant buyer?
Denise
Denise,
Of course, I’m no attorney, but a properly executed lease option is NOT an executory contract for conveyance and would not be subject to the CFD rules. There is no documentary execution for future conveyance, only an option to do so.