All Forum Posts by: John Jackson

@Jay Dean  In order to sell via a LO in TX, you as the owner must have fee simple title, which I have to assume you do, since that is how we hold title in TX.

If you have a mortgage, you will need to give the TB the mortgage information, as well as send the lien holder an Auth to Release info form so the buyer can confirm the mortgage info. 

Also, you will need specific verbiage in your contracts, as state in Title 2 CH 5 TPC. 

Straight or assignment, yes  @Scott T.  Mitch is a great guy. We talked the other day actually.  So whatever he says go with! :)

@Scott T.   You can't do SLO's in TX as the seller has to have fee simple title, but you can do a straight LO and LO assignment. 

My attorney helped draft TPC Title 2 CH 5  All is good

:)  You bet @Wendy Patton !!  Are you still in MI? Maybe I'll get up there one day...Never have been.  Sounds cold...brrr....

Yes, they are executory, but only VERY CERTAIN SECTIONS of Title 2 CH 5 TPC apply. 

That is written in the law. 

We do LO's for 12 months as most of our clients get financed within 8-10 months. 

We do not go over 36 months. 

A house does NOT have to be free and clear to do a LO in TX. 

Also, David is missing TPC that is for contract for deed and lease options. 

Not the same. 

@Account Closed  I have done them here since 2003, and in late 05 made the changes to our docs as required by law and we are still running strong!  

@Dennis M.  I posted something on BP about 4 years ago I think about setting the numbers on a lease options assignment, so be sure to look for that. 

Know how to set your numbers and how to screen the tenant/buyer.

@Nicholas Flores  I think we are connected on BP now.  Yes, I too have read about this "John Jackson"...HA!  We typically draft 12 month contracts as the T/B's we work with get financed within 10 months with getting them to finance ASAP.  You will need specific verbiage in your contracts, and you don't want to stack contracts like 2 6 month contracts. You cannot do a SLO though as you won't have fee simple title.  The owner will. 

@Matthew Carducci Owner finance is fine with an underlying mtg, but every deed of trust, I say every, but I've done title research for a hedge fund and out of thousands of searches to verify clear title I've never seen a DOT that didn't have a due on sale clause. Despite what you may hear or read on BP, there is no such thing as "triggering" the DOS. That does not exist. There is no such thing as "triggering" a DOS. The DOS is simply the lender securing their RIGHT to call the note due if the property is sold or lease purchased. In 14 years and over 600 deals I've never had any issue whatsoever. My good friend Mitch Stephen in San Antonio would have the solid contacts down that way as far as a RMLO and attorney. Since you are only doing one owner finance, Dodd Frank would require a RMLO, but I wouldn't do a OF without utilizing a RMLO and atty, or the attorney at our title company.

Italians living peacefully with Germans AND Texans... :)