Selling home to a tenant
Planning to sell a home in Leander, TX to our long standing tenant. They’ve always paid rent on time. Not sure of their credit but I think they can pull of a small down payment and regular payments.
Looking for advice on how to structure the best possible win win deal. Any attorneys experienced in this area please feel free to PM me. Might need help down the road for foreclosure as well. Lol.
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I would caution you to take the advice of people who live in different states. No offense to @Elliot Galpern But lease options of more than 180 days, while not illegal in Texas, have restrictions so onerous no one will do them.
Additionally, Texas is a note and Deed of Trust state.
The transaction is pretty straight forward and most title companies or an attorney can help you with the details of the agreement. I would encourage you to get enough of a downpayment to at least cover the cost of foreclosing if necessary