Are rent to own homes legal or a scam?
Are they legal and binding in Texas?
Answered 7 years ago|
Yes, they are legal and binding, though Texas does impose strict requirements on them. There were a large number of rent to own scams in Texas, where good title was not being conveyed, homes were being "sold" to more than one person, etc. As a result of that, the state passed rules about disclosure, information, making sure clean title is conveyed, etc. Because these kinds of arrangements, despite their obvious advantages, are also subject to many risks, you should not enter into an agreement like this (as either buyer or seller) without the assistance of a real estate attorney to make sure that you are complying with all the requirements and adequately protecting yourself.
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