Again, I am in TX. I have heard that lease options are not legal here. Please tell me what exactly is forbidden, so that I do not head down a bad course.
Also, I have heard that TX does not allow Owner who takes under a sub2 does not have the right to do an owner-financed installment sale until he, the owner, has paid off any existing mortgages. Is this true?
Thanks for your help.
Use the search function and search for “lease option in Texas”. This has been discussed over and over. The law changed and implemented certain standards that make them tougher to do. Most investors stopped doing them, but a handful still go with them. Most real estate attorneys know what’s going on.
http://www.reiclub.com/forums/index.php/topic,18811.msg89621.html#msg89621
http://www.reiclub.com/forums/index.php/topic,17484.msg82819.html#msg82819
http://www.reiclub.com/forums/index.php/topic,22076.msg103608.html#msg103608
http://www.reiclub.com/forums/index.php/topic,15560.msg72943.html#msg72943
Thanks. I will do that.