You can enter any city in Texas, be it Houston, Dallas, Plano, etc. It`s up to you. We do our best to ensure that your contract rent applies to all cities, so that all information is provided to you, whether you want to create a Houston Rent to Own agreement or a Dallas Rent To Own contract. However, the statutes do not apply to all rental options and some are expressly excluded. There are no legal restrictions on any of the following leasing options: According to the Texas Court, a purchase option is a land contract by which the owner confers on another the right to purchase real estate at a fixed price within a specified time frame. Bryant v. Cady, 445 S.W.3d 815, 819 (Tex. App.-Texarkana 2014, no pet; Jarvis/ Peltier, 400 S.W.3d 644, 650 (Tex. App.-Tyler 2013, no pet; Faucette v.
Chantos, 322 S.W.3d 901, 907 (Tex. App.-Houston [14th Dist.] 2010, No. 488-488 pet.) ; Casa El Sol-Acapulco, S.A. – Zu Corp. v. Fontenot, 919 S.W.2d 709, 717 n.9 (Tex. App.-Houston [14th Dist.] 1996, writ dism`d); State v. Clevenger, 384 S.W.2d 207, 210 (Tex.
Civ. App.-Houston 1964, writ ref`d n.r.); Knox v. Brown, 277 P.W. 91, 94 (Tex. It`s an app. 1925); Wand v. Texlouana Producing – Ref. Co., 241 S.W.
521, 523 (Tex. Civ. App.-Amarillo 1922, issued, aff`d 257 S.W. 875 (Tex). It`s an app. 1924); See North Shore Energy, L.C. v. Harkins, 501 S.W.3d 598, 606 (Tex. 2016) (an option contract simply gives the option option the option to acquire a property or execute a lease within a specified time frame”).
Sometimes a call option is tied to a lease agreement. In other situations, the option to purchase is part of a traditional real estate purchase agreement and is used to give a buyer time to assess the feasibility of closing the purchase. Contracts for ownership and leases related to a home purchase option are strictly regulated in Texas by Sub-Chapter D of Chapter 5 of the Texas Property Code (`sub-chapter D`). The only thing real estate investors in Texas need to know about contract contracts and rental options for residential real estate is largely that they “don`t.” Theoretically, someone could create real estate transactions in accordance with sub-chapter D. In practice, no one tends to stick to it, and even if someone complies with it, the transaction would still not make sense. An authorization contract or rental option never makes sense to the Texas seller/owner, because even if the seller/owner complies with all regulations, a good faith or non-good faith tenant/buyer may remove responsibility for an eviction case from the Peace Court and prevent an extrajudicial enforced execution. As a result, the seller/landlord can in fact rarely distribute a tenant/buyer who refuses to leave without filing an action in a district court for the county in which the property is located. The lawsuit is likely to take more than a year before the complaint is brought to justice.
The complaint will result in significant legal fees and considerable time and effort in paperwork and trial preparation. No real estate investor should take the risk of getting stuck in this situation. Hence the above tips to avoid these transactions simply. Instead, make a normal lease with no option or perform traditional property financing transactions with a commitment ticket and an act of trust. Each of these options allows the seller to distribute or close, and then distribute without the need for district court action. Deportation applications in Texas were filed by a small claims court, where a timely and binding decision can normally be obtained by the court.