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JerseyJeff

L/o's Illegal When Having A Mortgage?

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From another site. Anyone know what this is about? Is it valid? Only Texas?

 

-If you are in Texas and still have a note it is illegal for you to do a lease option or owner finance. Consult your real estate attourney. Your hands are tied to a straight rental.

 

-Thanks for the reply,

Yes there is a new state bill that will be passed in January (or to be passed, still being lobbied) that lease options will fall into. For the remainder of this year it's OK to L/O a property in Texas.

This month only part of the Bill went into effect (the lot needs to be properly platted and coded).

Also just a note, it is not that it is "Illegal" to do it will just not be worth it or very possible due to the restrictions that will be placed on the process with disclosures and lender approvals, deed transfer and terms etc.

 

Jeff

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Jeff, that is all a part of the now infamous TX law that was passed recently. We had a few threads on this previously. A quick look and I found this and this.

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