Lee County, TX Landlord-Tenant Lawyers, page 2

A contract in which an owner leases her house (usually for one to five years) to a tenant for a specific monthly rent, and which gives the tenant the right to buy the house at the end of the lease period for a price established in advance. A lease option is often a good arrangement for a potential home buyer because it lets him move into a house he may buy without having to come up with a down payment or financing at that time.

The act of changing a written contract when one of the parties can prove that the actual agreement was different than what's written down. The changes are usually made by a court when both parties overlooked a mistake in the document, or when one party has deceived the other.

A guarantee about the quality of goods or services made by a seller, such as 'This item is guaranteed against defects in construction for one year.' Most express warranties come directly from the manufacturer or are included in the sales contract. If you want to hold the seller to an oral guarantee, it's best to get it in writing or have witnesses to the guarantee so that it doesn't come down to your word against the seller's if a problem arises.

The power of the federal or state government to take private property for a public purpose, even if the property owner objects. The Fifth Amendment to the United States Constitution allows the government to take private property if the taking is for a public use and the owner is 'justly compensated' (usually, paid fair market value) for his or her loss. A public use is virtually anything that is sanctioned by a federal or state legislative body, but such uses may include roads, parks, reservoirs, schools, hospitals or other public buildings. Sometimes called condemnation, taking or expropriation.

A rule that allows you to cancel a contract within a specified time period (typically three days) after signing it. Federal cooling-off rules apply this three-day grace period to sales made door-to-door and anywhere other than a seller's normal place of business, such as at a trade show. Another federal cooling-off rule lets you cancel a home improvement loan or second mortgage within three days of signing. Various states have cooling-off rules that sometimes apply even longer cancellation periods to specific types of sales, such as dancing lessons and timeshares.

A proposal to enter into an agreement with another person. An offer must express the intent of the person making the offer to form a contract, must contain some essential terms--including the price and subject matter of the contract--and must be communicated by the person making the offer. A legally valid acceptance of the offer will create a binding contract.

A legal claim that one party failed to perform as required under a valid agreement with the other party. For example you might say, 'The roofer breached our contract by using substandard supplies when he repaired my roof.'

A deed that transfers whatever ownership interest the transferor has in a particular property. The deed does not guarantee anything about what is being transferred, however. For example, a divorcing husband may quitclaim his interest in certain real estate to his ex-wife, officially giving up any legal interest in the property. Compare grant deed.