LEASE WITH A RIGHT TO PURCHASE PROGRAM

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)

rent-to-own-checklist2_CreditIssues

When can I put my house back on the market after a contract falls through?

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.

https://www.texasrealestate.com/advice-for-consumers/article/when-can-i-put-my-house-back-on-the-market-after-a-contract-falls-through