Lease Agreement with Option to Purchase in TX

[Jerry Starkey]

If I am not collecting a down payment (except for a security deposit = to one month's rent), I am leasing the home at a fair market price, but I credit all of the security deposit and $200/month of rent towards a down payment is this considered an executory contract in Texas? The tenant and I have agreed upon a purchase price and there is an option to purchase clause but there are no "triggering events" for the option to be exercised by the tenant, they can buy the house at any point in there lease or they can walk away if they so choose. More than anything, it is really restricting me from selling the house to anyone until the tenant's lease expires. I did a credit check and employment/income verification to verify that the tenant could afford and probably obtain bank financing in the future if they decided to exercise their option to purchase, to avoid any issues with Dodd Frank. Does anyone have any insight on whether or not this lease agreement would be considered an executory contract in TX?

[Fred Heller]

If you are going to wade into lease options, I absolutely suggest you see a RE attorney and have him/her draw up the contract. It is my understanding that lease options have become much more risky due to changes in the law, and the burden is mostly on the landlord.