Sec. 5.022. FORM. (a) The following form or a form that is the same in substance conveys a fee simple estate in real property with a covenant of general warranty:
{ Comments on this entry are closed }
Articles
Sec. 5.016. CONVEYANCE OF RESIDENTIAL PROPERTY ENCUMBERED BY LIEN. (a) A person may not convey an interest in or enter into a contract to convey an interest in residential real property that will be encumbered by a recorded lien at the time the interest is conveyed unless, on or before the seventh day before the earlier of the effective date of the conveyance or the execution of an executory contract binding the purchaser to purchase the property, an option contract, or other contract, the person provides the purchaser and each lienholder a separate written disclosure statement in at least 12-point type that:(1) identifies the property and includes the name, address, and phone number of each lienholder;
{ Comments on this entry are closed }
PROPERTY CODE
TITLE 2. CONVEYANCES
CHAPTER 5. CONVEYANCES
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 5.001. FEE SIMPLE. (a) An estate in land that is conveyed or devised is a fee simple unless the estate is limited by express words or unless a lesser estate is conveyed or devised by construction or operation of law. Words previously necessary at common law to transfer a fee simple estate are not necessary.
{ Comments on this entry are closed }
TEXAS PROPERTY CODE
CHAPTER 5. CONVEYANCES.
SUBCHAPTER D. EXECUTORY CONTRACT FOR CONVEYANCE
Sec. 5.061. DEFINITION. In this subchapter, “default” means the failure to:
{ Comments on this entry are closed }
Once again, you can now download forms and contracts from this website. As before, each bundle will contain all the documents necessary to complete the transaction, and as always, if you purchase a bundle you will get unlimited email support from me.
{ Comments on this entry are closed }
If you have a basic understanding of owner financing in general and wraparound mortgages in particular, you can sell your house on a wrap, hopefully faster and at a better price than waiting for all cash or a new loan. Like the garden-variety real estate sale, selling on a wrap involves a contract, an inspection period, and a closing, but because there will be no new bank financing (and possibly no title insurance), the entire transaction could take 7 days or less. If you have a buyer who’s ready to sign up, here’s a step-by-step guide to selling your a house on a wraparound mortgage.
{ Comments on this entry are closed }
As I outlined in my previous article about lease options, the Texas legislature has made it very difficult to sell a house on a “rent-to-own” or lease-purchase basis. The statute – Texas Property Code Chapter 5, Subchapter D, beginning with Section 5.061 - prohibits any executory contract for the sale of residential property if the property already has a mortgage on it, and sets out draconian penalties for any violations of the technical statutory requirements. For these reasons, I have generally advised my clients not to sell their houses with lease options and instead offer owner financing such as a wraparound mortgage.
{ Comments on this entry are closed }
Buying a house with a wraparound mortgage is one of many ways to buy real estate with owner financing. Any time a seller will finance part of the purchase of a home, it’s usually a good thing, especially if it means you, the buyer, don’t have to apply for a new bank loan. There are some seller financing options that tend to be a better deal for the buyer, particularly buying the house “subject to” the underlying mortgage and paying the seller a cash down payment and/or giving the seller a note for his equity. But buying on a wrap is certainly a good option too.
{ Comments on this entry are closed }
The Texas legislature is at it again. Just a couple of years after severely restricting the ability of real estate investors to sell residential property on a lease option or contract for deed, our representatives have passed a law requiring a massive disclosure whenever a seller conveys a house without paying off the underlying mortgage(s). NOTE: this disclosure is not required if the buyer gets a title insurance policy, so if you always insist on title insurance when you sell a property, you won’t have to worry about this.
{ Comments on this entry are closed }
Most people are familiar with the Latin phrase caveat emptor, which means “buyer beware,” but investors and other homeowners attempting to sell their houses on a “rent to own,” lease option, or lease purchase should learn a new phrase: caveat vendor, or “seller beware.”
{ Comments on this entry are closed }