(2) THE SELLER SHALL, NOT LATER THAN THE 10TH DAY AFTER THE DATE THE SELLER RECEIVES YOUR CANCELLATION NOTICE: (A) RETURN THE EXECUTED CONTRACT AND ANY PROPERTY EXCHANGED OR PAYMENTS MADE BY YOU UNDER THE CONTRACT; AND. Options that are not combined with a residential lease as well as options on commercial property are not affected by Property Code Section 5.061. *Chapter 766 of the Health and Safety Code requires one-family or two-family dwellings to have working smoke detectors installed in accordance with the requirements of the building code in effect in the area in which the dwelling is located, including performance, location, and power source requirements. DISCLOSURE OF ABSENCE OF CERTAIN WARRANTIES. (c) If the seller advertises property for sale under an executory contract, the advertisement must disclose information regarding the availability of water, sewer, and electric service. (a-2) For a district described by Section 372.0035, Local Government Code, 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 levying assessment), TEXAS. IF A LIEN IS NOT RELEASED AND THE PROPERTY IS CONVEYED WITHOUT THE CONSENT OF THE LIENHOLDER, IT IS POSSIBLE THE LIENHOLDER COULD DEMAND FULL PAYMENT OF THE OUTSTANDING BALANCE OF THE LIEN IMMEDIATELY. 108 Wild Basin Rd. 5.0143. This law also has a de minimis exception that excludes persons doing no more than three owner-financed transactions per year, at least so long as the seller-lender is not in the building business. Movant attests that assertions herein are true and correct. (ii) the value of any improvements made to the property by the purchaser. (Date) (Purchaser's Signature). Sec. How to Terminate a Texas Home Purchase Contract - Hood Homes Blog September 1, 2005. Telephone: 210-714-6999 No testimony was taken from any party, nor was there any notice of the court's review, the court having made the determination that a decision could be made solely on review of the conveyance instrument under the authority vested in the court under Section 5.0261, Texas Property Code. 559.202 CONTRACTS FOR DEED INVOLVING RESIDENTIAL PROPERTY. Added by Acts 1995, 74th Leg., ch. (D) the following covenants are placed in the executory contract: (i) a covenant that obligates the seller to make timely payments on the loan and to give monthly statements to the purchaser reflecting the amount paid to the lienholder, the date the lienholder receives the payment, and the information described by Paragraph (A); (ii) a covenant that obligates the seller, not later than the third day the seller receives or has actual knowledge of a document or an event described by this subparagraph, to notify the purchaser in writing in 14-point type that the seller has been sent a notice of default, notice of acceleration, or notice of foreclosure or has been sued in connection with a lien on the property and to attach a copy of all related documents received to the written notice; and.
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