Monthly Archives March 2022

How To Use Option Money

 Settling the dispute of what happens to option money on a backup contract.   Everyone understands that you have to sign the backup addendum to have a true backup contract in Texas. However, there seem to be a lot of questions about what happens with the option money. For a true backup offer, you need a fully executed contract with earnest money. If you’re asking for an option period, you also need option money to go to the title company. If the buyer has the unrestricted right to terminate the backup contract, the termination period begins on the effective
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Important Facts To Know About Leasebacks

 Here’s what both buyers and sellers need to know about leasebacks.   Since we’re in a pretty extreme seller’s market, leasebacks are becoming more and more popular. Today I’ll talk about what leasebacks are, how they’re used, and what you need to know about them before you form an agreement. In short, a leaseback is when the buyer of a property allows the seller to live there for a certain amount of time after the transaction has closed. Essentially, the seller is renting the property they just sold to the buyer. Usually, this is to allow the seller more
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