I am a newbie to real estate investment. I just started reading books about lease to own a options and was also browsing though the net.
I found a deal where the seller wants to sell a property to me.
Here are the details:
The property is occupied with tenants who have lease to own option for 175k with 1041$.month rent for 3 years.
The seller wants to sell this property at 168k.
Is this leagal in dallas or i should be careful in analyzing this deal
Why would he want to sell you the property when he already haves someone in there with an option to purchase?
I know investors are having trouble with the RE laws in Texas, but even if its in Alaska or Japan. I dont understand how can a seller try to sell his property with someone who haves an option to purchase with a 3 year lease…
hmmm… walk away my friend or give me more details.
To your success,
Diana Fontanez
Lease Purchase Specialist and Consultant
As of 1 October 2005, lease options are illegal in Texas as are any forms of seller assisted financing, unless the seller owns the property free and clear.
Texas law requires that under any contract for a purchase, the deed must be delivered within 6 months of the execution of the contract.
Since Texas came up again, I’l repost here:
As of 1 October 2005, they are illegal in the great state of Texas as are any forms of seller assisted financing, unless the seller owns the property free and clear. A lease purchase is a bi-lateral contract for a purchase and the current Texas law requires that under any contract for a purchase, the deed must be delivered within 6 months of the execution of the contract.
Good news though: All L/O’s and CFD’s extant prior to the amendments to SB 629 and HB 1823 are grandfathered, and each such transaction is to remain in full force and effect and original intent without penalty.
Texas just became almost impossible to do business in. Having said that, there’s always more than one way to skin a cat without habing to answer to a man wearing a black robe.
Good luck,
Dave