has

Hi all; I make my buyer 100% responsible for repairs (things not covered by prop. ins.) and I usually recommend that they purchase a home warranty. I am wondering if I can actually "require" them to purchase a home warranty. I'd like to enforce this because what if they choose Joe Shmoe to do repair work and he end up messing it up. Or worst yet what if they don't pay a contractor for completed work (read mechanics lein). By having a home warranty, this could be avoided. So back to my original question. Can I require them to pay for a home warranty as part of the lease agreement? Thanks has

There are LOs and then there are Texas LOs :-) I had a question regarding section 5.085 which I think says that the property must be owned fee simple by the seller with NO LEINS OR ENCUMBRANCES except a few scenarios. The scenario of concern to me is : ******* § 5.085. FEE SIMPLE TITLE REQUIRED; MAINTENANCE OF FEE SIMPLE TITLE. (a) A potential seller may not execute an executory contract with a potential purchaser if the seller does not own the property in fee simple free from any liens or other encumbrances. (b)Except as provided by this subsection, a seller, or the seller's heirs or assigns, must maintain fee simple title free from any liens or other encumbrances to property covered by an executory contract for the entire duration of the contract. This subsection does not apply to a lien or encumbrance placed on the property that is: (3) placed on the property by the seller prior to the execution of the contract in exchange for a loan used only to purchase the property. ********* Do I interpret that as a refinance being a no-no? What if I purchase a property for cash (hard money), fix up etc, then do a refi - is a < 3yrs LO a no-no for such a property? John where are you ? :-)

Thanks Pilot.. Exhorbanant is relative. $25/day for 3 days seems to conflict with part ( B ) of 5.073 unless the $25/day for 3 days is what it actually does cost (does one need to prove?). A I reading it wrong? Also, can you comment on 5.065 above? Thanks.

Another Texas topic... Based on my interpretation of Sec 5.065, it looks like the TB has a full 30 days after notice is sent for non payment before eviction can be filed. Also ..it appears that one cannot charge any arbitrary amount as late payment ( section ( B ) of 5.073 limits this ) Am I way off? Thanks Sec. 5.065. RIGHT TO CURE DEFAULT. Notwithstanding an agreement to the contrary, a purchaser in default under an executory contract for the conveyance of real property may avoid the enforcement of a remedy described by Section 5.064 by complying with the terms of the contract on or before the 30th day after the date notice is given under that section. § 5.073. CONTRACT TERMS, CERTAIN WAIVERS PROHIBITED. (a) A seller may not include as a term of the executory contract a provision that: (1) imposes an additional late-payment fee that exceeds the lesser of: (A) eight percent of the monthly payment under the contract; or ( B ) the actual administrative cost of processing the late payment;

Hey Pilot; Is there a discount if I opt to forgo the autographed picture?? :-) Seriously, How do I contact you directly? I have some concerns that I'd like to discuss before purchasing. Thanks

Thanks Michael - That's what I've been doing. Do you have them fill out a credit check authorization (and lease) when you do the showing? (assuming that they are interested after seeing)

Thanks Pilot - Your CD - is it only the legal docs or is there some sort of manual with it as well.

Hi all; I'd appreciate some advise. I recently rehabbed my first property which I now own. My exit strategy was to do an owner finance. However, buyers with reasonable down payments seems hard to come by (I'm asking for min 7%-8%). I am now thinking to use LO as an alternative exit (~2.5-3% option fee). I have a couple of Qs - how should I handle maintenance/repair in my situation (of course I like to be involved as minimal as possible) - How do you guys automate the showing/application process - without driving to the property for everyone who calls. I am in TX, btw. Are these Qs addressed in the manual? Or perhaps I'd be better off with Pilot's stuff since TX is so finicky. Any advise on the best way to unload this prop would be appreciated. Thanks a bunch Has

As Pilot indicates, an LO of 3 yrs or less will pass most of the test. However, I fail to see how it passes 5.085 and that is a big enough one to kill the deal. BTW - Great site with tons of info - Thanks.