Collin Texas Seismic Option and Lease Agreement

Name: Collin Texas Seismic Option and Lease Agreement
Brand: US Legal Forms
Rating: 4.88 (291 reviews)

Category:

Oil Gas and Minerals - Agreements

State:

Multi-State

County:

Collin

Control #:

US-OG-077

Format:

Instant download

Description

This is a short form agreement. The lessor is identified as owning all the mineral estate in the lands covered by the agreement. A form of oil and gas lease will need to be attached as an exhibit to the agreement.

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How to fill out Collin Texas Seismic Option And Lease Agreement?

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FAQ

Make no mistake, one can still do a lease-option in Texas, but many requirements now exist that did not apply before 2005. Property Code Sections 5.069 and 5.070 contain a number of these requirements, which must be met before the executory contract is signed by the purchaser (i.e., before and not at closing).

An advantage of the ground lease structure to the building owner is the ground rent payment is tax-deductible, while owning the land provides no tax shelter via depreciation. It is somewhat complicated to value a building that is subject to a ground lease.

A ground lease is typically a long-term lease of unimproved land or previously developed property where the tenant constructs new improvements. Ground lease terms customarily run from 50 to 100 years or longer and are generally at least 20 years.

The benefits of a ground lease Ground leases allow landlords to retain control over their land while simultaneously receiving a steady income. If executed properly, they can be a win-win scenario for both parties. Land leasing also allows for flexibility and specialized financing mechanisms.

But lease options in Texas give the buyer the option of purchasing the property, but it has no terms concerning how the complete payment will be made. Instead, a lease option fixes a specific sales price for a property and leaves it up to the buyer to either make payments during or at the end of the rental period.

Lease-purchases, contracts for deed and lease-options have long been traditional tools of Texas residential real estate investors. No longer. Since 2005, these executory contracts are heavily regulated under Chapter 5 of the Property Code.

With a land lease agreement (also known as a ground lease), you purchase the home but rent the land. One of the main advantages is the lower price of this unique arrangement. One of the main disadvantages is that you will not be able to build valuable equity in the land on which you live.

A ground lease is an agreement in which a tenant can develop property during the lease period, after which it is turned over to the property owner. Ground leases commonly take place between commercial landlords, who typically lease land for 50 to 99 years to tenants who construct buildings on the property.

Personal Property Lease means a chattel lease, equipment lease, conditional sales contract and other similar agreement relating to Personal Property to which the Vendor is a party or under which it has rights to use Personal Property.

During the term of a ground lease, the tenant owns any improvements made to the property, including any buildings it constructs. For example, many Macy's (NYSE:M) department stores are ground-leased.

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Collin Texas Seismic Option and Lease Agreement

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Can you do lease options in Texas?

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