Home Buying in Dallas County>Question Details

Xclntbrat, Home Buyer in Dallas County, TX

I'm purchasing a house and the seller wants to make a provision/condition of sale that I may not resell the

Asked by Xclntbrat, Dallas County, TX Thu Jun 11, 2009

home and I must use it as my main residence for 7 years else I'll owe him a sum of 30k. He is selling me the house under tax appraisal but not really under market value in this market. Is this legal? I really don't mind the resell for 7 years but there is a HUGE chance that for part of the next 7 years I may have to rent the home out. He is really trying to get it into the documents that I sign with the tital company.

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You must be doing owner lease purchase.

You need have a buyers agent represent you in these documents for an attorney.

If not qualify for your own loan purchase direct from owner.

If you own the property have lease purchase you can make own demands either party agrees or not. Part of contract negotiations.

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1 vote Thank Flag Link Thu Jun 11, 2009
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0 votes Thank Flag Link Sat Jun 13, 2009
I agree with Bruce. Something "smells" really wrong with this. Before your agree or sign ANYTHING, I would suggest that you talk to a real estate attorney. Personally, I wouldn't sign with these conditions. Like Bruce said, WHO KNOWS what may happen in 7 years, 7 days or 7 minutes after you sign on the dotted line.
There are just too many properties out there right now. Are you SURE this is the right one for you? What is your agent saying about all this?.....you DO have one, right?

The only time I have seen anything like this, is in the case of a FHA foreclosure where the property is selling way below market. There is a clause that is put into the contract that states something to the effect that you HAVE to live in the house and not resell for up to 24 months for an amount (usually $50-$60k) more than you paid.

Good luck.
0 votes Thank Flag Link Fri Jun 12, 2009
Sounds weird to me....why would you agree to this?
What does your realtor say?
What is in your contract with the seller?
Who knows what will happen in 7 years or even next year.
What if house is destroyed and you want to sell to the insurance company?
0 votes Thank Flag Link Thu Jun 11, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
Well this a is first. I would never sign it. Why put yourself in a box for seven years? There must be another motivation by the seller for doing this, am I missing something here? Is this a duplex where the seller lives next door? I could see him having concerns about the property becoming a revovling door of rentals, otherwise cannot see the motivation. Discuss with an attorney.
0 votes Thank Flag Link Thu Jun 11, 2009
I am not a lawyer, so this should not be considered "legal" advice.

I would imagine, that as long as it's considered "legal" (not against the law), anything that you two agree to in writing, and sign... would be legal and binding.

(for example, you couldn't legal agree to sell drugs... since that's an illegal activity and that would make your "agreement" null and void).

But I can't imagine why he would want that, nor can I imagine why you would agree.
0 votes Thank Flag Link Thu Jun 11, 2009
Alan May, Real Estate Pro in Evanston, IL
What business is it of the seller if you own it for 7 years. Who is the seller? One of your parents? I just can't imagine why any human other than a controlling parent who is loaning you the cash would care.

WHY does he want this provision? What does your ATTORNEY say? This is the person you should be asking.

Think there is more to this question if we knew the background.
0 votes Thank Flag Link Thu Jun 11, 2009
It's probably legal, but I am not certain I'd agree to it. This is really a restriction on your ownership rights and that has a huge value to me.
0 votes Thank Flag Link Thu Jun 11, 2009

Most individuals would consider this proposal outragous........consult an attorney for their advice prior to doing anything.

Good luck
0 votes Thank Flag Link Thu Jun 11, 2009

This sounds very strange. Seems there is an agenda here. Maybe the seller knows something about the neighborhood or area you do not and wants to cash in.

I would say no and if the seller insists, walk away. Not in your best interests.

What does your real estate agent say?

Good luck,

Dominick Dina
0 votes Thank Flag Link Thu Jun 11, 2009
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