September 1, 2017. And I do hereby bind myself, my heirs, executors, and administrators to warrant and forever defend all and singular the said premises unto the said __________________, his heirs, and assigns, against every person whomsoever, lawfully claiming or to claim the same, or any part thereof. DEFINITION. Even if the executory contract rules are found not to apply, the court can look to the laundry list of offenses under the DTPA, which prohibits any unconscionable action or course of action by any persona very large hammer a jury can use against investors they do not like. (2) an option to purchase real property that includes or is combined or executed concurrently with a residential lease agreement, together with the lease, is considered an executory contract for conveyance of real property. Prop. NOTICE. 5.021. 5.064. Sec. 311), Sec. Telephone: 214-307-2840 1, eff. 5.069(a)(2) requires that the seller provide the purchaser with copies of liens, restrictive covenants, and easements affecting title to the property. 5.069(a)(3) requires that a statutory disclosure be given to the buyer addressing such pragmatic issues as whether or not the property is in a recorded subdivision; if water, sewer, and electric power are available; if the property is in a floodplain; who is responsible for maintaining the road to the property; and the like. (a) A person who is the owner of an interest in vacant land and who contracts for the transfer of that interest shall include in the contract the following bold-faced notice: NOTICE REGARDING POSSIBLE LIABILITY FOR ADDITIONAL TAXES. Rescission is the legal term for cancelling or overturning a contract where there has been fraud, misrepresentation, mistake, duress, or undue influence. 693, Sec. 1002, Sec. Sept. 1, 1995. Default has occurred in the Contract for Deed ("Contract') dated February 15, 2022 and recorded on February 17, 2022, as Document Number 11079156 (or in Book of;Page ), in the Office of the County Recorder . Sept. 1, 2001. "Reservoir" means a water impoundment project operated by the United States Army Corps of Engineers that is intended to retain water or delay the runoff of water in a designated surface area of land. 529, Sec. (b) The seller shall notify a purchaser of a default under the contract and allow the purchaser at least 60 days after the date notice is given to cure the default. (b) A person who conveys a mineral or royalty interest as provided by Subsection (a) may bring suit against the purchaser of the interest if: (1) the purchaser did not give the notice required by Subsection (a); and. 5.100 and amended by Acts 2001, 77th Leg., ch. (C) conveys the property to the trustee, in trust, and confers on the trustee the power to sell the property if the purchaser defaults on the promissory note or the terms of the deed of trust. An additional pre-closing requirement is imposed by Property Code Section 5.071, which requires a seller to provide financial information similar to a RESPA disclosure: Before an executory contract is signed by the purchaser, the seller shall provide to the purchaser a written statement that specifies: (2) the interest rate charged under the contract; (3) the dollar amount, or an estimate of the dollar amount if the interest rate is variable, of the interest charged for the term of the contract; (4) the total amount of principal and interest to be paid under the contract; (5) the late charge, if any, that may be assessed under the contract; and. These documents must be made available to you by the property owners' association or the association's agent on your request. Added by Acts 2017, 85th Leg., R.S., Ch. Sept. 1, 1995. (b) This section does not apply to a contract for a transfer: (1) under a court order or foreclosure sale; (3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed of trust by a trustor or successor in interest; (4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at a sale conducted under a power of sale under a deed of trust or a sale under a court-ordered foreclosure or has acquired the land by a deed in lieu of foreclosure; (6) of only a mineral interest, leasehold interest, or security interest; or. Sept. 1, 1995. Houston Office 693, Sec. (b) An insurer who disburses proceeds under an insurance policy, binder, or other coverage relating to property that has been damaged shall issue the proceeds jointly to the purchaser and the seller designated in the contract. (a) In this section, "discriminatory provision" means a restriction or provision that is void under Section 5.026(a). Added by Acts 2005, 79th Leg., Ch. Sec. 38-7 02-19-2021 Buyer notifies Seller that the contract is terminated pursuant to the following: (1) The unrestricted right of Buyer to terminate the contract under Paragraph 5 of the contract. YOU ARE SELLING ALL OR A PORTION OF YOUR MINERAL OR ROYALTY INTERESTS IN (DESCRIPTION OF PROPERTY BEING CONVEYED). A seller of real property that may be subject to a private transfer fee obligation shall provide written notice to a potential purchaser stating that the obligation may be governed by this subchapter. Termination of a contract assumes that there is a contract in force. 1, eff. 1239, Sec. (a) This section applies only to a county with a population of less than 100,000 that is located in a metropolitan statistical area as defined by the federal Office of Management and Budget: (1) with a population of more than 1.5 million; and. Notwithstanding any terms of a contract to the contrary, the placement of a lien for the reasonable value of improvements to residential real estate for purposes of providing utility service to the property shall not constitute a default under the terms of an executory contract for the purchase of the real property. Any "common area" (facilities such as pools, tennis courts, walkways, or other areas) co-owned in undivided interest with others. 4) Seller's requirement to record the contract in the real property records. I further attest that the assertions contained in the accompanying motion are true and correct.". Sellers must record the contract within thirty days of the date that the contract is executed. (2) the buyer is entitled to terminate the contract if the buyer's objections to title as permitted by the contract are not cured by the seller prior to closing. (2) a conspicuous statement printed at the top of each subsequent page of the instrument and immediately above the signature of the person conveying the interest in an approximate type size of at least 14 points and in substantially the following form: THIS IS NOT AN OIL AND GAS LEASE. Code Ann. (a) A recorded executory contract shall be the same as a deed with a vendor's lien. (3) if the purchaser has failed to comply with a term of the contract, identify the term violated and the action required to cure the violation. The association may not charge a fee if the certificate is not provided in the time prescribed by Section 207.003(a). 6, eff. ________________________________________________________________. Tex. Sept. 1, 1995. (d) The owner of a servient estate may not enforce a restrictive covenant in an instrument granting an access easement over the servient estate that restricts or prohibits the easement holder or the easement holder's guest from possessing, carrying, or transporting a firearm or an alcoholic beverage over the servient estate while using the easement for the easement's purpose. The buyer, on the other hand, had only equitable titlea fuzzy concept that arises by operation of law and requires filing an expensive lawsuit to enforce. (3) placed on the property by the seller prior to the execution of the contract in exchange for a loan used only to purchase the property if: (A) the seller, not later than the third day before the date the contract is executed, notifies the purchaser in a separate written disclosure: (i) of the name, address, and phone number of the lienholder or, if applicable, servicer of the loan; (ii) of the loan number and outstanding balance of the loan; (iii) of the monthly payments due on the loan and the due date of those payments; and. Also, recording your deed protects the property against claims from others, not just the seller. 2, eff. 17.001(63), eff. 600 (3) a written notice, which must be attached to the contract, informing the purchaser of the condition of the property that must, at a minimum, be executed by the seller and purchaser and read substantially similar to the following: IF ANY OF THE ITEMS BELOW HAVE NOT BEEN CHECKED, YOU MAY NOT BE ABLE TO LIVE ON THE PROPERTY. Added by Acts 1997, 75th Leg., ch. Sept. 1, 2003. (d) If a contract is entered into without the seller providing the notice within the period required by Subsection (c), the purchaser may terminate the contract for any reason within seven days after the date the purchaser receives: (1) the notice described by Subsection (b) from the seller; or. (f) The remedy provided under this section shall be in addition to any other remedies existing under law, excluding rescission or other remedies that would make the conveyance of the mineral or royalty interest void or of no force and effect. (2) an omitted call in a metes and bounds legal description in the original instrument that completes the description of the property. 2013). Sept. 1, 2001. Code Ann. Prop. 978 (H.B. "Encumbrance" includes a tax, an assessment, and a lien on real property. Added by Acts 1995, 74th Leg., ch. 994, Sec. Some of the obligations and remedies under the code include the following: 1) Restriction on seller's ability to enforce buyer default and notice requirements of seller. September 1, 2015. (D) other consideration payable in connection with the loan; (4) rent, reimbursement, a fee, a charge, or another type of payment to a lessor under a lease, including a fee for consent to an assignment, sublease, encumbrance, or transfer of a lease; (5) consideration paid to the holder of an option to purchase an interest in property, or to the holder of a right of first refusal or first offer to purchase an interest in property, for waiving, releasing, or not exercising the option or right when the property is transferred to another person; (6) a fee payable to or imposed by a governmental entity in connection with recording the transfer of the property; (7) dues, a fee, a charge, an assessment, a fine, a contribution, or another type of payment under a declaration or other covenant or under law, including a fee or charge payable for a change of ownership entered in the records of an association to which this subdivision applies or an estoppel letter or resale certificate issued under Section 207.003 by an association to which this subdivision applies or the person identified under Section 209.004(a)(6), provided that no portion of the fee or charge is required to be passed through to a third party designated or identifiable in the declaration or other covenant or law or in a document referenced in the declaration or other covenant or law, unless paid to: (A) an association as defined by Section 82.003 or 221.002 or the person or entity managing the association as provided by Section 82.116(a)(5) or 221.032(b)(11), as applicable; (B) a property owners' association as defined by Section 202.001 or 209.002 or the person or entity described by Section 209.004(a)(6); or. Acts 2013, 83rd Leg., R.S., Ch. Step 1: Know the Reason/s Behind Terminating. "Signed and delivered in the presence of ____________________". The contract will identify any down payment required and list the total principal due as well as the applicable interest rate. A bona fide subsequent purchaser for value who relies upon the affidavit under this subsection shall take title free and clear of the contract. To curb seller abuses, the legislature enacted numerous regulations governing contract for deeds in Texas. (a-1) Except for the notice prescribed by Subsection (a-2), the notice required by Subsection (a) shall be executed by the seller and must, except as provided by Subsection (b), read as follows: NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO (insert name of municipality or county levying assessment), TEXAS. This property may be located near a military installation and may be affected by high noise or air installation compatible use zones or other operations. Sept. 1, 2003. Executory $. contract. (a) A purchaser under an executory contract, on written request, is entitled to receive the following information from the seller: (1) as of the date of the request or another date specified by the purchaser, the amount owed by the purchaser under the contract; and.