Posted by Ben (TX) on June 30, 2005 at 16:54:38:
Interesting. I’m not a lawyer, but it doesn’t look as bad as I thought. most of it exempts options less than 3 years in duration.
I’m a bit concerned that the promissory note provision looks like you’re forced to owner finance? Also, you apparently can’t have the tenant/buyer forfeit the option fee for a late payment – what about total default on the lease, as in broken lease/eviction?
Looks like I’ve gotta invest more money in legal fees…
Do NOT Do a Lease Option In Texas Until… - Posted by PropertyBuyer
Posted by PropertyBuyer on June 18, 2005 at 22:43:08:
Do NOT Do a Lease Option In Texas Until You Read This!
Well, despite the valiant efforts of some real estate investors who wrote to ask that this terrible bill be vetoed, Governor Rick Perry signed it into law anyway. It takes effect September 1, 2005. I guess we needed a better lobby.
Before you lease/option a property to a tenant/buyer in Texas now, you had better know what this law requires of you.
The penalties for non-compliance are substantial.
It makes lease/options financially impractical, and even dangerous for a seller/lessor. Beware!
Re: Do NOT Do a Lease Option In Texas Until… - Posted by Tony
Posted by Tony on August 06, 2005 at 12:47:20:
Any recommendations on alternative ‘cookie cutter’ CRE investment techniques? I was focusing 95% of my attention on lease purchasing. I’m not a big fan of the State of Texas to begin with so maybe it would be easier to just relocate to a state with less bullcrap? First the decades of homeowners not being able to get equity loans and then the jacked up way they finally allowed it. Next, the mobile home dealer license garbage all but doing away with ‘Lonnie’ deals. Now this? Have any of the CRE course sellers besides Bronchick addressed this issue for Texans? What are the chances that the law can or would be constitutionally challenged?
English please… - Posted by Mike (TX)
Posted by Mike (TX) on July 04, 2005 at 24:01:13:
Anyone have the shorthand on that? I can normally read some legal stuff, but good lord that is confusing. I think I got about halfway through before I figured I was too confused to continue reading. Any help would be great, I was hoping to get into L/O’s.