Austin Lease Option & Rent to Own Homes:
Lease options and rent-to-own homes are great for families who aren't in the market to buy a house.The low down payments make these arrangements attractive to tenants and traditionally, they’re relatively easy to participate in for those who meet the minimum criteria. With the changes to the Texas Property Code (Sec. 5.061 et seq.) in 2005, however, the lease options now define contracts for longer than 6 months as “executory contracts” which are subjected to strict regulations under the Code.
There are many requirements that must be observed, both initial and ongoing, that the landlord/seller must be held accountable for. If they fail to meet the said requirements, they will…