OfflineHello Fellow DG'ers:
To those that are not aware, this is to let you know that I contacted Governor Rick Perry's office today and he has officially "signed" the House Bill 8 "effective" June 17th, 2011, which was last "Friday".
So "officially" we can no longer "assign contracts" in the "State of Texas".
Dean, IF you read this post do you have any other suggestions?
"Transactional Funding" comes to my mind as maybe an alternative option. My real estate club President also says that we can still use "Option To Purchase Contracts".
I just wanted to make sure that those in the DG Family knows this, that have been assigning contracts in the State of Texas.
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I read the bill, I am by no means an attorney, but from what I saw, double close using Transactional funds is one of the answers. I think, and I could be wrong, contract assignments will still work if done properly.
Contact a local RE attorney for final answers.
Check the TF that I use, listed at the bottom of this post.
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I have some info on them but I need to read it again...could be a way around it.
Barbara
Can someone please explain what to do now for a Newbie in Texas studying the assignment of contract! Will everything I've read so far apply anymore? The double closing sounds a little confusing. Thanks to anyone in Texas who can answer this question.
"Cut not the wings of your dreams,
for they are the heartbeat and the freedom of your soul." ~ Flavia
Kathy Wholesales TX
KM WholeSale Properties LLC
469-587-9967
1888-591-1096