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bartendjoe

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About bartendjoe

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  1. Michael, This is the lease-option agreement I posted about a couple of weeks ago in the legal forum. See Here I have a lease w/option from the seller and have the option to lease/option to someone else. I have not been able to find anyone to lease/option but have found a standard tenant to occupy the property. The homeowner is going to sign the lease agreement directly with the tenant but I would like to have the homeowner sign something releasing me from my lease/option agreement just to cover my bases in the future.
  2. Has anyone voided or cancelled a lease-option agreement? What type of paperwork/form do I need to fill out? Should I get it notarized? TIA Joe Hanold
  3. Thanks. I'm located in Texas and don't know of any local/state laws that would override the clause in the lease. He is consulting a lawyer today so I guess I'll know where I stand soon. Recommendations on a Dallas area lawyer appreciated.
  4. I currently have a lease-option contract with a homeowner through May 2007. The contract was assigned to me by another investor with a tenant in the property. The tenants lease expired and they moved out 2 months ago. I have been marketing for 3 months now with little success. I have been unable to find another tenant and the costs are starting to get overbearing. There is a liquidated damages clause in the lease that states the following: LIQUIDATED DAMAGES CLAUSE: In event that Tenant Buyer/s should default on any provision in this agreement, any monies paid by tenant buyer/s shall be retained by seller as full and complete liquidated damages and agreed to settlement in full. Does this mean I could give notice to the homeowner and walk away from the lease without penalty? Would the homeowner have grounds to sue to recoup money for rest of lease period? Any advice would be appreciated.
  5. Ummmmmmmmmmmmmm ......where's the problem? Happy New Year ! <{POST_SNAPBACK}> I think this may be the magazine for you. I know I enjoy it.
  6. UPDATE: There is a new website to track SB 629 and HB 1823. Save Texas Real Estate Here is the latest from their website.... AN AGREEMENT HAS BEEN REACHED Everyone: I have just spoken with our lobbyist, and with Cathy Crowe. Here is the agreement that has been reached (yes, he works fast!). On Monday afternoon, during the reading of the House Bill 1823, there is supposed to be an amendment proposed that will exclude lease/option sales with a term of less than 3 years from the bill. This is probably the best that we can get at this point. This should allow investors to operate within the new law. If you have any questions, please let Scott Horne or myself know immediately. I was also told by our lobbyist to have all phone calls into Austin to cease. There have been some very rude comments made, especially at Sen. Lucio’s and Rep. Dutton’s office. The staffs of their offices have not been treated with respect by people calling in opposition to the bills. Our lobbyist, who doesn’t want his name or company mentioned for the following reasons, told me that if this doesn’t stop, the amendment may by in jeopardy. Some people calling into Austin have even mentioned our lobbyist’s name, his company name, how much we’ re paying him (the exact words were “We’re having to pay $35,000 to stop your bill!! {expletives deleted}), and how much the other competing lobbyist groups were going to cost us. Someone, in this group that I’m emailing, leaked this information to someone who didn’t use the information to our benefit. Our lobbyist is demanding that this information must stop. His group doesn’t work like that. We must honor his request. After all, he’s the one that got our agreement worked out!! Therefore, please let everyone in your organization know to stop calling Austin. At this point, it’s going to make matters worse, not better. Please send out an announcement immediately. As more information is available, we’ll let everyone know. You may view this legislation here: Current Senate Legislation or http://www.senate.state.tx.us/75r/Senate/Members.htm You may also join us for live up-to-the-minute updates at SaveTexasRealEstate.blogspot.com
  7. That's an interesting idea. Do you know of a company that will allow you to purchase the option using your Roth IRA? The option fee is usually a very small in a SLO deal. I assume the profits from the sale would then go into the Roth IRA. Would this allow you to avoid taxes on the profits or would you pay taxes and put the difference in the Roth?
  8. Here is a post from a local Dallas area board with analysis of the bill and some background info as to why it is being proposed. BILL ANALYSIS Senate Research Center S.B. 629 79R5150 KCR-D By: Lucio Business & Commerce 4/4/2005 As Filed AUTHOR'S/SPONSOR'S STATEMENT OF INTENT Historically, low-income residents do not have access to traditional financing when they are purchasing real property. Consequently, these residents often turn to nontraditional forms of purchasing land, such as executory contracts ("contracts for deed"). A contract for deed is an agreement by which land is sold through installment payments, and the seller provides the deed to the land only after all the payments have been made. This type of conveyance is unlike a typical deed of trust transaction in that it takes place outside of traditional land sales and property development, usually leaving buyers with few rights. Along the Texas-Mexico border region, contracts for deed created an unregulated market for very low-cost and substandard dwellings and are among the reasons why substandard housing (colonias) flourished in the region. As housing advocates have reported, unscrupulous developers and contract for deed sellers often promise prospective home and land buyers that the government--be it city, county, or state--will soon provide needed public services (i.e., water and wastewater systems and electricity). Since these services are not usually provided, unsafe and unsanitary housing conditions often develop. In 1995, the 74th Legislature started to address some of the problems created through contract for deed land sales. Although certain safeguards have been put in place, contract for deed land sales continue to persist and to create substandard housing problems across the state. S.B. 629 provides five major reforms to address the continuing problem of contracts for deeds. RULEMAKING AUTHORITY This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 212.0115©, Local Government Code, to require, on written request of an owner of land, a purchaser of real property under a contract for a deed, executory contract, or other executory conveyance, an entity that provides utility service, or the governing body of the municipality, the municipal authority responsible for approving plats to make certain determinations regarding the owner's land or the land in which the entity or governing body is interested that is located within the jurisdiction of the municipality. SECTION 2. Amends Section 5.062(a), Property Code, to provide that, for purposes of this subchapter, a residential lease of real property that includes an option to purchase the property is considered an executory contract for conveyance of real property. Makes conforming changes. SECTION 3. Amends Subchapter D, Chapter 5, Property Code, by adding Section 5.0621, as follows: Sec. 5.0621. CONSTRUCTION WITH OTHER LAW. (a) Provides that, except as provided by Subsection (, if a residential lease of real property includes an option to purchase the property, the provisions of this subchapter and Chapter 92 (Residential Tenancies), Property Code, apply to the lease. ( Provides that, after a tenant exercises an option to purchase leased property under a residential lease described by Subsection (a), Chapter 92, Property Code no longer applies to the lease. SECTION 4. Amends Section 5.073, Property Code, as follows: Sec. 5.073. New heading: CONTRACT TERMS, CERTAIN WAIVERS PROHIBITED. (a) Creates subsection from existing text and adds provisions that are prohibited from being included as a term of the executory contract by a seller. ( Provides that a provision of the executory contract that purports to waive a right or exempt a party from liability or duty under this subchapter is void. SECTION 5. Amends Subchapter D, Chapter 5, Property Code, by adding Sections 5.081-5.085, as follows: Sec. 5.081. RIGHT TO CONVERT CONTRACT. (a) Entitles a purchaser, at any time without SRC-BEC S.B. 629 79® Page 1 of 4 paying penalties or charges of any kind, to convert the purchaser's interest in property under an executory contract into recorded, legal title in accordance with this section. ( Requires the seller, if the purchaser tenders to the seller an amount of money equal to the balance of the total amount owed by the purchaser to the seller under the executory contract, to transfer to the purchaser recorded, legal title of the property covered by the contract. © Provides that, subject to Subsection (d), if the purchaser delivers to the seller of property covered by an executory contract a promissory note that is equal in amount to the balance of the total amount owed by the purchaser to the seller under the contract and that contains the same interest rate, due dates, and late fees as the contract, the seller and the purchaser will be required to execute certain deeds. (d) Requires the seller, on or before the 10th day after the date the seller receives a promissory note under Subsection © that substantially complies with that subsection, to take certain actions. (e) Provides that a seller who violates this section is liable to the purchaser in the same manner and amount as a seller who violates Section 5.079 (Title Transfer) is liable to a purchaser. Provides that this subsection does not limit or affect any other rights or remedies a purchaser has under law. (f) Provides that, on the last date that all of the conveyances described by Subsections ( and © are executed, the executory contract is considered completed and has no further effect. (g) Provides that the appropriate use of forms published by the Texas Real Estate Commission for transactions described by this section constitutes compliance with this section. Sec. 5.082. REQUEST FOR BALANCE AND TRUSTEE. (a) Entitles a purchaser under an executory contract, on written request, to receive certain information from the seller. ( Requires the seller, on or before the 10th day after the date the seller receives from the purchaser a written request for information described by Subsection (a), to provide to the purchaser a written statement of the requested information. © Authorizes the purchaser, if the seller does not timely respond to a request made under this section, to take certain actions. (d) Requires a purchaser, for purposes of Subsection ©(2), to select a trustee that lives or has a place of business in the same county where the property covered by the executory contract is located. Sec. 5.083. RIGHT TO CANCEL CONTRACT FOR IMPROPER PLATTING. (a) Authorizes the purchaser, except as provided by Subsection ©, in addition to other rights or remedies provided by law, to cancel and rescind an executory contract at any time if the purchaser learns that the seller has not properly subdivided or platted the property that is covered by the contract in accordance with state and local law. Requires a purchaser canceling and rescinding a contract under this subsection to take certain actions. ( Requires the seller, if the purchaser cancels the contract as provided under Subsection (a), to take certain actions not later than the 10th day after the date the seller receives the notice of cancellation and rescission. © Prohibits a purchaser from exercising the purchaser's right to cancel and rescind an executory contract under this section if, on or before the 90th day after the date the purchaser receives the seller's notice under Subsection ((1), the seller takes certain actions. (d) Prohibits the seller from terminating the purchaser's possession of the property covered by the contract being canceled and rescinded before the seller pays the purchaser any money to which the purchaser is entitled under Subsection (. Sec. 5.084. RIGHT TO DEDUCT. Authorizes the purchaser, if a seller is liable to a purchaser under this subchapter, to deduct the amount owed to the purchaser by the seller from any amounts owed to the seller by the purchaser under the terms of an executory contract without taking judicial action. Sec. 5.085. FEE SIMPLE TITLE REQUIRED; MAINTENANCE OF FEE SIMPLE TITLE. (a) Prohibits a potential seller from executing 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. SRC-BEC S.B. 629 79® Page 1 of 4 ( Requires a seller, or the seller's heirs or assigns, except as provided by this subsection, to 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. Provides that this subsection does not apply to certain liens or encumbrances placed on the property. © Sets forth the results of a violation of this section. SECTION 6. (a) Provides that Section 5.062, Property Code, as amended by this Act, and Section 5.0621, Property Code, as added by this Act, apply to an executory contract for conveyance in effect of the effective date of this Act, regardless of the date on which the purchaser an seller entered into contract. ( Makes application of this Act prospective. © Provides that Sections 5.081 and 5.082, Property Code, as added by this Act, apply to a conversion of title initiated or a request for information made on or after the effective date of this Act, regardless of the date on which the purchaser and seller entered into the executory contract that is the subject of the conversion or request. (d) Provides that Section 5.083, Property Code, as added by this Act, applies only to a seller's failure or refusal to subdivide or plat real property on or after the effective date of this Act, regardless of the date on which the purchaser and seller entered into the executory contract covering the property that is improperly subdivided or platted. (e) Provides that Section 5.084, Property Code, as added by this Act, applies to the computation of any amount owed to the seller by the purchaser under the terms of an executory contract on or after the effective date of this Act, regardless of the date on which the purchaser and seller entered into the executory contract. (f) Makes application of Section 5.085, Property Code, as added by this Act prospective. SECTION 7. Effective date: September 1, 2005.
  9. Brian, Thanks for the show of support. I emailed every Senator on the list. The local REI boards are buzzing with people doing the same thing. Thanks Again.
  10. Quote from William Bronchick about this new legislation: "Senate Bill 629 just passed a committee hearing favorably and is off for a vote in the TX senate. http://www.capitol.state.tx.us/tlo/79R/billtext/SB00629S.HTM This law, if passed, will effectively OUTLAW lease/options in Texas. Basically, it makes a lease/option an "executory contract", which is essentially a land contract. If you live in TX, you are likely aware that land contracts require a lot of disclosures and annual reporting requirements. Also, it further states that ALL EXECUTORY CONTRACTS (lease/options, land contracts) require the seller to have title. That means no sandwich lease/options, no selling a property on lease/opt or land contract that you bought on land contract. AND, the kicker... you cannot sell a property on a land contract or lease/option if you have underlying financing! So, in effect, the only time you can sell on land contract or lease/option is if you have title FREE AND CLEAR!! The only means of owner financing left in the state of TX will be: 1. Selling subject an existing loan and taking a wrap note (aka "All Inclusive Trust Deed" or "AITD") 2. Letting the buyer assume your note and take back a second If you are in TX, don't sit around and complain about it - DO SOMETHING! Get the newspapers behind you. Raise money and run ad campaigns. Write a hundred letters to your state senators. Camp out outside the capitol building. KILL THIS BILL BEFORE IT KILLS YOUR BUSINESS!!" Bill posted this to the 3 local REI group boards.... Here is the webpage listing all Texas Senators. Please find your senator and email them to vote "NO" to SB 629. http://www.senate.state.tx.us/75r/Senate/Members.htm Taken from a post by William Bronchick on another board... Here's a sample email: SUBJECT: SENATE BILL 629 - PLEASE VOTE "NO" Dear Senator X, It has come to my attention that Senate Bill 629 proposes DRASTIC changes to real estate law that will hurt many citizens of the great state of Texas. Specifically, this bill will convert ALL residential home leases containing a purchase option into "executory contracts". An executory contract is considered a sale under IRS tax rules, whereas a lease with option is not. This will result in DRASTIC adverse tax consequences to investors who cannot take advantage of long term capital gains rules. Second, the bill requires that any seller of a property under an executory contract own property free and clear of all liens. There are many cases where this would be impractical, since creative financing is often a solution to a property that is difficult to sell. Restricting the means of sale would result in more foreclosures in Texas. It would also limit the options of many low-income buyers who have no other means of buying a home than on an executory contract from a seller. I strongly urge that you vote "NO" on SB 629. Sincerely,
  11. Here is the proposed legislation.....anyone who could translate this into regular english, please feel free to comment. By: Lucio S.B. No. 629 (In the Senate - Filed February 21, 2005; March 1, 2005, read first time and referred to Committee on Business and Commerce; April 11, 2005, reported favorably by the following vote: Yeas 9, Nays 0; April 11, 2005, sent to printer.) A BILL TO BE ENTITLED AN ACT relating to the rights of a purchaser under an executory contract for conveyance of real property. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subsection ©, Section 212.0115, Local Government Code, is amended to read as follows: © On the written request of an owner of land, a purchaser of real property under a contract for deed, executory contract, or other executory conveyance, an entity that provides utility service, or the governing body of the municipality, the municipal authority responsible for approving plats shall make the following determinations regarding the owner's land or the land in which the entity or governing body is interested that is located within the jurisdiction of the municipality: (1) whether a plat is required under this subchapter for the land; and (2) if a plat is required, whether it has been prepared and whether it has been reviewed and approved by the authority. SECTION 2. Subsection (a), Section 5.062, Property Code, is amended to read as follows: (a) This subchapter applies only to a transaction involving an executory contract for conveyance of real property used or to be used as the purchaser's residence or as the residence of a person related to the purchaser within the second degree by consanguinity or affinity, as determined under Chapter 573, Government Code. For purposes of this subchapter: (1) [,] a lot measuring one acre or less is presumed to be residential property; and (2) a residential lease of real property that includes an option to purchase the property is considered an executory contract for conveyance of real property. SECTION 3. Subchapter D, Chapter 5, Property Code, is amended by adding Section 5.0621 to read as follows: Sec. 5.0621. CONSTRUCTION WITH OTHER LAW. (a) Except as provided by Subsection (, if a residential lease of real property includes an option to purchase the property, the provisions of this subchapter and Chapter 92 apply to the lease. ( After a tenant exercises an option to purchase leased property under a residential lease described by Subsection (a), Chapter 92 no longer applies to the lease. SECTION 4. Section 5.073, Property Code, is amended to read as follows: Sec. 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 ( the actual administrative cost of processing the late payment; (2) prohibits the purchaser from pledging the purchaser's interest in the property as security to obtain a loan to place improvements, including utility improvements or fire protection improvements, on the property; [or] (3) imposes a prepayment penalty or any similar fee if the purchaser elects to pay the entire amount due under the contract before the scheduled payment date under the contract; (4) forfeits an option fee or other option payment paid under the contract for a late payment; or (5) increases the purchase price, imposes a fee or charge of any type, or otherwise penalizes a purchaser leasing property with an option to buy the property for requesting repairs or exercising any other right under Chapter 92. ( A provision of the executory contract that purports to waive a right or exempt a party from a liability or duty under this subchapter is void. SECTION 5. Subchapter D, Chapter 5, Property Code, is amended by adding Sections 5.081 through 5.085 to read as follows: Sec. 5.081. RIGHT TO CONVERT CONTRACT. (a) A purchaser, at any time and without paying penalties or charges of any kind, is entitled to convert the purchaser's interest in property under an executory contract into recorded, legal title in accordance with this section. ( If the purchaser tenders to the seller an amount of money equal to the balance of the total amount owed by the purchaser to the seller under the executory contract, the seller shall transfer to the purchaser recorded, legal title of the property covered by the contract. © Subject to Subsection (d), if the purchaser delivers to the seller of property covered by an executory contract a promissory note that is equal in amount to the balance of the total amount owed by the purchaser to the seller under the contract and that contains the same interest rate, due dates, and late fees as the contract: (1) the seller shall execute a deed containing any warranties required by the contract and conveying to the purchaser recorded, legal title of the property; and (2) the purchaser shall simultaneously execute a deed of trust that: (A) contains the same terms as the contract regarding the purchaser's and seller's duties concerning the property; ( secures the purchaser's payment and performance under the promissory note and deed of trust; and © conveys the property to the trustee, in trust, and confers on the trustee the power to sell the property if the purchaser defaults on the promissory note or the terms of the deed of trust. (d) On or before the 10th day after the date the seller receives a promissory note under Subsection © that substantially complies with that subsection, the seller shall: (1) deliver to the purchaser a written explanation that legally justifies why the seller refuses to convert the purchaser's interest into recorded, legal title under Subsection ©; or (2) communicate with the purchaser to schedule a mutually agreeable day and time to execute the deed and deed of trust under Subsection ©. (e) A seller who violates this section is liable to the purchaser in the same manner and amount as a seller who violates Section 5.079 is liable to a purchaser. This subsection does not limit or affect any other rights or remedies a purchaser has under other law. (f) On the last date that all of the conveyances described by Subsections ( and © are executed, the executory contract: (1) is considered completed; and (2) has no further effect. (g) The appropriate use of forms published by the Texas Real Estate Commission for transactions described by this section constitutes compliance with this section. Sec. 5.082. REQUEST FOR BALANCE AND TRUSTEE. (a) A purchaser under an executory contract, on written request, is entitled to receive the following information from the seller: (1) as of the date of the request or another date specified by the purchaser, the amount owed by the purchaser under the contract; and (2) if applicable, the name and address of the seller's desired trustee for a deed of trust to be executed under Section 5.081. ( On or before the 10th day after the date the seller receives from the purchaser a written request for information described by Subsection (a), the seller shall provide to the purchaser a written statement of the requested information. © If the seller does not timely respond to a request made under this section, the purchaser may: (1) determine or pay the amount owed under the contract, including determining the amount necessary for a promissory note under Section 5.081; and (2) if applicable, select a trustee for a deed of trust under Section 5.081. (d) For purposes of Subsection ©(2), a purchaser must select a trustee that lives or has a place of business in the same county where the property covered by the executory contract is located. Sec. 5.083. RIGHT TO CANCEL CONTRACT FOR IMPROPER PLATTING. (a) Except as provided by Subsection ©, in addition to other rights or remedies provided by law, the purchaser may cancel and rescind an executory contract at any time if the purchaser learns that the seller has not properly subdivided or platted the property that is covered by the contract in accordance with state and local law. A purchaser canceling and rescinding a contract under this subsection must: (1) deliver a signed, written notice of the cancellation and rescission to the seller in person; or (2) send a signed, written notice of the cancellation and rescission to the seller by telegram or certified or registered mail, return receipt requested. ( If the purchaser cancels the contract as provided under Subsection (a), the seller, not later than the 10th day after the date the seller receives the notice of cancellation and rescission, shall: (1) deliver in person or send by telegram or certified or registered mail, return receipt requested, to the purchaser a signed, written notice that the seller intends to subdivide or plat the property properly; or (2) return to the purchaser all payments of any kind made to the seller under the contract and reimburse the purchaser for: (A) any payments the purchaser made to a taxing authority for the property; and ( the value of any improvements made to the property by the purchaser. © A purchaser may not exercise the purchaser's right to cancel and rescind an executory contract under this section if, on or before the 90th day after the date the purchaser receives the seller's notice under Subsection ((1), the seller: (1) properly subdivides or plats the property; and (2) delivers in person or sends by telegram or certified or registered mail, return receipt requested, to the purchaser a signed, written notice evidencing that the property has been subdivided or platted in accordance with state and local law. (d) The seller may not terminate the purchaser's possession of the property covered by the contract being canceled and rescinded before the seller pays the purchaser any money to which the purchaser is entitled under Subsection (. Sec. 5.084. RIGHT TO DEDUCT. If a seller is liable to a purchaser under this subchapter, the purchaser, without taking judicial action, may deduct the amount owed to the purchaser by the seller from any amounts owed to the seller by the purchaser under the terms of an executory contract. Sec. 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. ( 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: (1) placed on the property because of the conduct of the purchaser; or (2) agreed to by the purchaser as a condition of a loan obtained to place improvements on the property, including utility or fire protection improvements. © A violation of this section: (1) is a false, misleading, or deceptive act or practice within the meaning of Section 17.46, Business & Commerce Code, and is actionable in a public or private suit brought under Subchapter E, Chapter 17, Business & Commerce Code; and (2) in addition to other rights or remedies provided by law, entitles the purchaser to cancel and rescind the executory contract and receive from the seller: (A) the return of all payments of any kind made to the seller under the contract; and ( reimbursement for: (i) any payments the purchaser made to a taxing authority for the property; and (ii) the value of any improvements made to the property by the purchaser. SECTION 6. (a) Section 5.062, Property Code, as amended by this Act, and Section 5.0621, Property Code, as added by this Act, apply to an executory contract for conveyance in effect on the effective date of this Act, regardless of the date on which the purchaser and seller entered into the contract. ( Section 5.073, Property Code, as amended by this Act, applies only to an executory contract for conveyance that was entered into on or after the effective date of this Act. An executory contract that was entered into before the effective date of this Act is governed by the law in effect immediately before the effective date of this Act, and the former law is continued in effect for that purpose. © Sections 5.081 and 5.082, Property Code, as added by this Act, apply to a conversion of title initiated or a request for information made on or after the effective date of this Act, regardless of the date on which the purchaser and seller entered into the executory contract that is the subject of the conversion or request. (d) Section 5.083, Property Code, as added by this Act, applies only to a seller's failure or refusal to subdivide or plat real property on or after the effective date of this Act, regardless of the date on which the purchaser and seller entered into the executory contract covering the property that is improperly subdivided or platted. (e) Section 5.084, Property Code, as added by this Act, applies to the computation of any amount owed to the seller by the purchaser under the terms of an executory contract on or after the effective date of this Act, regardless of the date on which the purchaser and seller entered into the executory contract. (f) Section 5.085, Property Code, as added by this Act, applies only to an executory contract for conveyance that is entered into on or after the effective date of this Act. An executory contract for conveyance that is entered into before the effective date of this Act is covered by the law in effect at the time the contract was entered into, and that law is continued in effect for that purpose. SECTION 7. This Act takes effect September 1, 2005.
  12. Would you send me the template? I've been trying to create something using Microsoft Publisher. Thanks. joe_hanold@yahoo.com
  13. Here is another site I found with good prices on door hangers. Doorhangers I'm placing an order today.
  14. Unfortunately, the appreciation rates in the DFW, Texas area are nowhere near 20%. They are probably between 2-4% in the suburb where this home is located.
  15. I'm going to try for a $7.5k option fee. Should there be a split of this with the homeowner? I would think they would expect a deposit from the tenant. I spoke to the seller and they used to rent the property. They asked how much of a deposit I collect and I told them "one months rent". They are not using a realtor so their current sales price is pretty close to their net price. Ok, so I should probably look at a monthly rent of $2k, L/O price of $217k with $12k in rent credits and a $5k option fee. The homeowner would get $2k of the option fee for the rent deposit and I would make $3k. The homeowner would net $200k which is the same as their current asking price of $203,900 minus closing costs they would incur selling by owner. $217k is a bit high for the area though since comps only support a max of $210k. Would this present a problem when the t/b attempts to purchase? Appraisal may not equal purchase price?
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