Create Legal Texas Option To Purchase Forms For Free

Yes. Extensive case law in Texas has held that an option fee is necessary to create an option right. In essence, the buyer pays the seller an option fee for the unrestricted right to terminate the contract within the option period and have his (the buyer's) earnest money returned.

The amount of days we normally see for the option period is 7-10 days from the day the contract is fully signed by both parties. And the fee ranges anywhere from $150-300.

An option to purchase agreement gives a home buyer the exclusive right to purchase a property within a specified time period and for a fixed or sometimes variable price. This, in turn, prevents sellers from providing other parties with offers or selling to them within this time period.

A Texas rent-to-own lease agreement is a standard rental contract with an added option to purchase clause for the tenant. The tenant will commonly have the lease period to buy the property. When electing to buy, the details of the sale will be entered into a purchase agreement.

Still, some people in the market, as either a buyer or seller, wonder if it is even legal to arrange for a rent to own deal for a residential property in this state. The short answer is, yes, but only if you carefully examine the situation and how the applicable statute in Texas could work for it.

As public records, contract forms adopted by the Texas Real Estate Commission are available to any person. Real estate license holders are required to use these forms. However, TREC contract forms are intended for use primarily by licensed real estate brokers or sales agents who are trained in their correct use.