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A lease option or a buy option, as far as I can decipher from here and Google, both qualify as an executory contract in Texas. And as far as executory contracts in Texas I’m staying away from them. Sounded like solid advice and I’m in no way experienced enough to go against it.
However, it looks like this complication only applies to properties that qualify for the homestead exemption or for options longer than 6 months. So am I right in assuming that investment properties and options up to 179 days are still on the table?
Robert,
Yes — options not combined with a lease as well as options on commercial property are not affected.
Most of these laws are on the books in an attempt to protect the consumer.
But commercial/investment transactions are not.For example: a tenant buyer who will use the property as their residence is protected under current Texas law.
A landlord using a lease/option- to acquire
is not.
Hope this helps,
Mike
Executory Contract Laws in Texas – explained by a lawyer. This is why you do not ever want to sell any property in Texas with a Lease Option.
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