Friday, Governor Perry signed into law House Bill 1823 which makes it nearly impossible to do a lease option in the state of Texas (see previous post).
We are currently investigating ways around this law, but you would be wise to understand exactly what your obligations and risks are if you decide to lease a house with an option tied to it.
Resources:
- Excellent list of the new rules by Attorney Steve Tiemann
- Text of HB1823
i have a license in TX and have done lease options as a seller in the past. Things have changed since i have done them. Is the only big change that the tenant/buyers cant get rent credits?
Posted by: randy peters | August 02, 2008 at 05:10 PM
Though the benefits of owning your own home are many, the benefits of renting are also just as valid. It really depends on your personal situation and resources. Renting is a wonderful way to deflect some of the costs of a mobile lifestyle. People who are at risk of losing their job, people who are often moved in their job, or people that simply can not afford the mortgages that are out there, are all examples of people that benefit from renting over buying. These are just a handful of the reasons why.
Posted by: | April 27, 2009 at 05:39 PM