LEASE WITH A RIGHT TO PURCHASE PROGRAM
Basic requirements: ◼ Annual household income of at least $50,000 ◼ Stable employment ◼ No history of eviction and no pending bankruptcy; – Acceptable criminal history
Every household must provide: ◼ Full Application from everyone 18+ years old ◼ Application Fee ($75 total per household) ◼ Supporting documents: – Income Verification – Asset Verification (equal to 2 months of rent)
A buyer and I used TREC’s One to Four Family Residential Contract (Resale) for the sale of my home, but the sale didn’t close by the date in the contract. While the buyer and I figure out how to terminate the contract—and who gets the earnest money—can I put the house back on the market? I want to sell it, not waste weeks while we consult our attorneys.
You should talk to an attorney first about the legal liabilities of proceeding with a sale without terminating the original contract.
In this situation, there are two ways to formally terminate the contract:
- The parties can agree to terminate and sign a document that releases both parties from further obligations under the contract. If you are working with a Texas REALTOR®, he or she can use TAR’s Release of Earnest Money form to accomplish this.
- A judge can order the contract terminated.
Your primary goal should be formal termination of the contract. This ensures you can sell the property to someone else without risking a lawsuit that could stop a subsequent sale of the property.