Posted by Eric C on October 17, 2002 at 17:03:25:
Hi Tim -
Until John weighs in –
The Real Estate Center at Texas A&M has a pretty good overview of the new Contract for Deed regs. You can find it here:
http://recenter.tamu.edu/tgrande/vol9-1/1547.html
Suffice it to say, that the rules have definitely changed and the obvious intent of the legislature was to discourage the use of CFDs.
They’re still done everyday, but the penalties can be substantial.
Take care,
Eric C
John is contract for deed legal in Texas? - Posted by Tim
Posted by Tim on October 17, 2002 at 13:13:07:
I heard there was a new law that made it illegal??? Was i possibly just confused? I want to sell some of our homes. we owe the bank 30K sell it for 40K you know the deal. But I heard alot of talk about pac trusts???
Thanks in advance for your help
Tim
Re: John is contract for deed legal in Texas? - Posted by George Gregory
Posted by George Gregory on July 13, 2003 at 20:16:53:
John,
I am learning about contract for deed properties. I am interested in buy a home that is contract for deed from a couple over 65 years of age. The home is nice. It’s all brick, 4 bedroom, 2600 sq. ft, and about 7 years old on 2 acres of land. They are asking 159,000. I looked up the appraisal and tax records on this property and this year that property was valued at 188,000. What should I think of this and watch out for?
Re: John is contract for deed legal in Texas? - Posted by John Merchant
Posted by John Merchant on October 24, 2002 at 17:45:26:
Absolutely the RE Contract isalive and well in TX, and not illegal in any way…provided the seller fully complies with the TX statutes on same.
The reason for the recent legislation in TX on RE contracts was the prevalence of fraud by the Sellers in selling RE to the ignorant and unlearned, primarily immigrants, who, the legislature felt, were being unfairly targeted by unscrupulous sellers.
I’ve seen TX RE contracts that were still being paid by buyers, and collected on by rascal sellers, YEARS after the RE had been fully paid, and only because I got involved did the buyer get his/their deeds for same!
So read the statutes and heed the law and you should be oK.