I recently posted a blog about the new SAFE Act kickin into reality as of May 31st...not allowing owners to seller finance anything but their homestead and to family members. The Texas Association of Realtors just sent the following email to let us know that they were hard at work to keep owner rights in tact...at least for the time being.
I never thought much of being a member of the Texas Association of Realtors or even the San Antonio Board of Realtors until I realized how relentless they are in fighting not only for our rights as Realtors...but for our clients as well. Whether you live in Texas or not...being a part of a board that watches your back is crucial. We get so busy with our businesses that it would be easy to let important things slip by.
Take time to read what they send you...
Support your board. You will be glad you did when it finally hits home.
Here's the latest on Seller Financing in Texas in a letter from Bill Jones, Chairman of the Board.
Many of us have been very concerned about the implementation of federal legislation known as the SAFE Act that would severely limit an individuals ability to seller finance their property in Texas.
We are working on numerous regulatory and legislative solutions to this affront to private-property owners, and have some good news to report. At our urging, the chief regulator over the SAFE Act in Texas, the commissioner of the Texas Department of Savings and Mortgage Lending, has taken significant steps to allow Texas property owners to continue to seller finance up to five transactions in a 12-month period.
More specifically, the commissioner has delayed the implementation of the SAFE Act requirement for licensure in seller-financed transactions in Texas until August 31. This will give us time to implement regulatory and legislative changes during the coming months. For now it is important for you to know that the long-standing law of allowing a Texas seller to finance up to five transactions in a consecutive 12-month period is still in effect and the Texas Association of REALTORS® will continue to work at the federal and state level to see that this is a permanent solution.
Finally, this action would not have happened if not for the thousands of Texas REALTORS® who participated in our grassroots efforts to correct this abuse to private-property owners in Texas.
Your actions do make a difference.
Sincerely,
Bill Jones
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