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Lease/Purchase: " A Stupid Idea"
Brian Watts, attorney at Hexter Fair Title Company, spoke to the agents in the Dallas North office of Keller Williams this morning.  His topic was Lease/Purchase, Leases and Negotiating Contract Extensions.  According to Brian, lease purchase is "a stupid idea" and recommended that we steer our buyers and sellers away from this.
Brian outlined the 3 methods of lease/purchase:
contract for deed - the buyer takes possession and makes payments to the seller and when the final payment is made, the buyer gets the deed.  It's kind of like seller financing, but without the approval of the seller's lender (because the seller's lender would NOT approve). lease purchase - two contracts, one for the initial lease and another for the purchase, usually a year down the road.  This is essentially one contract on two forms because one wouldn't stand without the other. executory contract for the sale of real property - an executory contract is one that has yet to be completed.  In 2005 the statute under the property code was amended and many restrictions were added.  The statute applies when the deed is delivered more than 180 days after the contract is executed, so a One to Four Family Resale Contract ... more

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