Posted by Rich-CA on May 15, 2007 at 22:46:29:
Does this mean that there are victims who have not been taken advantage of? LOL
L/O in texas - Posted by Bill M
Posted by Bill M on May 01, 2007 at 13:33:42:
I was told that you can lease option a home in texas for only 180 days. The way I see it, that defeats the purpose of lease options. If you sell to your tenant on a lease option, its so they can get their credit repaired so they can buy, unless I finance it myself. Normally it would take longer than 180 days. I see lease option ads and rent to own ads in the paper all the time. how are they doing this. Thanks for any ideas.
New Law in 2005 - Posted by Jimmy
Posted by Jimmy on May 06, 2007 at 07:59:27:
you can LO properties in TX anyway you want. the law was modified in 2005 to make it a lot harder to evict a delinquent LO tenant. basically, you have to give the same demands and notifications as you would when trying to foreclose on a property you seller-financed. this is an over-simplificaton, so you will want to talk to experienced real estate counsel to direct you.
it was a knee-jerk reaction to a few sellers who really took advantage of their victims.
Re: L/O in texas - Posted by Russ Sims
Posted by Russ Sims on May 03, 2007 at 11:53:41:
I don’t live in Texas, and maybe this is too simple but you set the lease/option term up for 6 months, and then renew as needed…
Re: New Law in 2005 - Posted by John Merchant
Posted by John Merchant on June 08, 2007 at 09:33:25:
I once had an elderly client come in with a L/O Agreement he’d had for over 10 years and on which I figured he’d probably overpaid by $5k.
Poorly drafted L/O agreement since it had no clearly stated payoff date and my buyer client simply kept on paying month after month, year after year.
It was pre-electronic calc era and all I had was a rough guess-timation of what he’d overpaid but I’d see what I could do.
Then I wrote the Seller and told him that unless he could prove to me, in writing, that my client wasn’t entitled to an immediate deed, we’d soon be talking further in a lawsuit I was about to file for my client.
The deed was in my mail within a few days.
Knowing, hearing and reading of many, many others of similar ilk, I can understand why TX Atty Gen’s office pushed TX new legis. on the subject.
TX has not been the only jurisdiction with these cases and I even saw one recently here in WA…hand written by Seller and this one is now in court since it’s pretty clear that S long overdue on getting B his deed.
As the lawyers here well know, first the legis. pendulum swings one way, then the other, often to the extreme limits, but it’ll swing back as judges hear the cases and modify its Seller punitive extremes.