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When a general warranty deed is given, the grantor promises that 1) the grantor will defend and protect the grantee against the rightful claims of third parties to the property (warranty of title), and 2) the property is free of encumbrances (covenant against encumbrances).

The statute of limitations for breach of contract is four years in Texas. From the time you both signed the contract until you file your case must be four years or less. Your best chance for a successful suit is to use your time wisely. Find issues early if you need to bring a lawsuit for damages against the seller.

TEXAS COURT DEFINITION OF ?OPTION TO PURCHASE? Under Texas court decisions, an option to purchase is a land contract by which the owner gives another the right to buy property at a fixed price within a certain time.

A purchase option assures the option holder of the right to purchase property at a certain price within a certain time period but without an obligation to do so. In granting an option, the landowner gives up the right to sell freely during the option period.

Record (file) your contract for deed in the deed records of the county where the property is located. Once recorded, the contract is treated the same as warranty deed with a vendor's lien. If you get behind on payments, the seller must post, file, and serve notice of sale as a foreclosure before you can be removed.

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.