I am doing lease purchase on a piece of rental property I have. Do I need atitle company or a lawyer?
-
-
They can be one in the same. -
My wife is an escrow officer in a title company. It is also a law firm. She writes up Deeds of Trust for lease purchase deals on a regular basis without getting the lawyers involved.Comment
-
^^^Originally posted by Skyjunky View Post
No advise but if you check it out usually an attorney does he documents for the title comalny and/or owns the title company. The title company wants to make sure this is a good transaction because they are on the hook if not. They are not representing you, they are looking out for their interest but what would an attorney do for you in this case???Comment
-
It depends on how it is structured. You should probably at least consult an attorney.
If you are leasing with an option to buy you would not get a title company involved until the purchase option is triggered.
Another reason to consult an attorney is legal lease to own options are very limited in Texas. As an example it is illegal for the purchase option to last more than 6 months and it is illegal for any of the monthly payments to be used for the purchase.
The law changed in 2005 as a reaction to landlords who would take monthly rent from tenants promising to apply a percentage of the rent toward the purchase price while not paying their mortgage and getting foreclosed on.Comment
-
-
Wife says attorney. She's Director of Accounting for a commercial real estate company.Comment
-
Thanks guys. I have a recommendation for an attorney from a previous thread. I just have a thing about them. Never had a good experience with one.Comment
Comment