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View all Local Real Estate forums. I have a buyer that is interested in as lease-purchase agreement. I have no experience with these. Curious if anyone has suggestions for someone in the New Braunfels, Texas area who could help with this. Matt, contact the best couple of RE agents and get referrals for RE attorneys. I know one in Austin who could write this contract. Let me know if you need his name.
But that's the safe way to do it. Use caution when obtaining any advise or contracts out of state. The main trigger point is that if you lease a house as a primary residence with a option that is longer than one year, the contract then becomes what is called an executory contract and is not allowed.
This is a broad stroke of the brush, but you can get more detailed info if you know the trigger points. There are also some hoops through which you must jump to keep in line with Dodd Frank which may be repealed or modified soon. Alan Cesker is an attorney in Austin that has spoken on this topic at REIAs and has done other work for me in the past. PM me for contact info if interested. These are not for the faint of heart Matthew.
Texas has special regulations on these types of transactions. Guy Gimenez and Clifton Kaderli. No, you can do leases combined with an option to purchase where the option exceeds the day mark. Read this and tread lightly, in my opinion. You'll note the change of requirements for lease options that last over days. Do not attempt to do a lease purchase in Texas. Simply, do a real owner finance. You can lose your entire investment if you do not do these things exactly right.
Even if you aren't in TX if you aren't familiar with lease options then there is a lot to consider to make it successful for the buyer and of course for you.
I'm guessing this is a house you own? Unless you are going to do a ton of these like I do, it's not worth your time to pay an attorney to draft docs really. I thought about owner financing. I've read a bit on them but never executed one while I still have mortgage on the property.
Matthew Carducci Owner finance is fine with an underlying mtg, but every deed of trust, I say every, but I've done title research for a hedge fund and out of thousands of searches to verify clear title I've never seen a DOT that didn't have a due on sale clause. That does not exist. There is no such thing as "triggering" a DOS. In 14 years and over deals I've never had any issue whatsoever. Suggest you read up on the topic.
I spoke with an investor this past summer and he told me a practice he has done was to separate out the lease and the option side into two separate contracts. Basically the buyer would sign a lease to occupy your property as a tenant for 1 yr or whatever timeframe you agree upon and a separate agreement of the option to buy the property at a time in the future.
This way they are both exclusive to each other from a legal standpoint as one is just a lease and the other only an option. This conversation was back in August so I might be hazy on the details but that is the overall idea I took away from that part of the conversation. I've never done one and it could still be illegal but I thought I'd share just in case someone could correct me or provide additional insight. Lock We hate spam just as much as you.
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Real Estate Forms Leases and other legal documents for landlords. Log In Sign up. Good morning BP, I have a buyer that is interested in as lease-purchase agreement. The following is not legal advise: Matthew Carducci These are not for the faint of heart Matthew.
So are you saying in general any lease to purchase is limited to less than one year? Thoughts on this websites input: I like the website but don't recall if it's updated regularly. Overall, a good resource though. Matthew Carducci Stay away from agents and executory contracts like lease purchase and contracts for deed.
Y'all are fantastic really appreciate the candidness. Yes, Italian Sicilian in New Braunfels, and we love it here. Cheers from New Braunfels. It's a great town and I love it here. Free eBook from BiggerPockets! Download the eBook Now. Log in Sign up. Log in Email Password Forgot password?