Are there any special rules to the game in TX that I need to be aware of?
Thanks!
Hi,
A lease and an option have to be seperate documents and can not refer one to the other!
If the tenants fail to pay the lease for any reason, the option is still legally in effect and can still be exercised at any point prior to the options expiration!
Texas is not a good state to do lease options in!
GR
Gold River,
If I want to do a sub2 but I want to be out quick, could I get the deed into a land trust and then sell my beneficial interest to the end buyer so I let the seller deal with the end buyer if I’m able to sell it to the seller!
I am just trying to assign a sub2, is this a good idea or is there a better way?
I’ve done LO’s in TX for 8 years, and don’t have an issue, but you do want to be aware of the law. The law isn’t that complicated, and other states are starting to follow suit it seems, like NC. There are some attorneys that adamantly oppose LO’s in TX, because they sell courses on land trusts and wraps…go figure! HA!
Our docs are 22 pages long, and I don’t so sandwich LOs.
If this is the case then you would not even be able to sell the house, because the prior option is still open the prior tenent could exercise their option against the new owners coudn’t they?
As you can see from some of the posts above, there is much misinformation about lease options and TX. Talk with someone who actually resides in the state and does business there, like pilot.