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Troy and Kristy Philbrook

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So You Want To "Lease-Purchase"

11-12-08
Troy and Kristy Philbrook
I was reading Lease Purchase Pitfalls: Look before you leap by Laura Fowler of The Fowler Law Firm in Austin, TX. I decided to share SOME of her "cautionary notes" since we are seeing such an increase in these arrangements. "Lease-purchase meaning an agreement between the owner and another who rents for a period of time because they desire to purchase the home at a later date."
  1. Lease-Purchase agreements are regulated by state law or in some instances a state agency.
  2. Lease-Purchase agreements are Executory Contracts.
  3. Lease-Purchase agreements are NOT just rental contracts followed by sales contracts.
  4. If the seller has any mortgage or encumbrance he/she must be certain that the proposed Lease-Purchase does not violate the terms and conditions of the pre-existing loan/mortgage. For example: a "Due On Sale" clause.
  5. In many states, if any part of the discussion that led to this Lease-Purchase proposal was in a language other than English, then ALL of the required documents must be in the same language.

We ARE NOT attorney's and encourage you to seek legal counsel in order to make an informed decision.

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White Hall Arkansas

04-06-08
Troy and Kristy Philbrook

White Hall is a small town in Jefferson County just outside of Pine Bluff with a population around 5800. It is located about 35 miles South of Little Rock and if you enjoy the history of a city.....the name "White Hall" came from an early church building that was "white-washed." It served not only as the church but the school too.

THINGS GOING ON ON THE AREA:

* Construction has begun on the new Community Center. Yea! It will include a Wellness Center, medical offices, and other businesses.

* April is "Child Abuse Awareness" month. There will be a KID FEST on April 19 @ the WH City Park from 11:00 - 3:00

* Neighbor to Neighbor of Pine Bluff will be holding a canned food drive from April 21st - 30th

* Harbor City Festival and GUMBO Cook-off April 26th @ the Saracen Landing in Pine Bluff

* Smoke on the Water @ Regional Park in Pine Bluff on May 9th - 10th

We hope to see you here!

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