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Code Area 5. 061 et seq. applies to "executory contracts" which are deals that are incomplete or unfinished in some product respect, typically the shipment of a warranty deed.  Answers Shown Here  financing techniques impacted are contracts for deed, lease-options, and lease-purchases. The Property Code was thoroughly changed in 2005 to correct what were viewed as executory-contract abuses such as collecting a big down payment and then, if the buyer fell behind, utilizing the expulsion procedure to remove the purchaser as if the purchaser were no more than a regular occupant.

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Because of this history, rules and constraints now use in transactions where title is not instantly conveyed. Such contracts should be tape-recorded, a through financial disclosure must be provided to the purchaser at closing, and the seller should supply an accounting statement every January. Buyers likewise have a right to transform to a deed, note, and deed of trust.

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069(a) (1) requires that the seller provide the buyer with a survey which is no older than a year, or a present plat. 5. 069(a)( 2) needs that the seller supply the purchaser with copies of liens, limiting covenants, and easements affecting the property. 5. 069(a)( 3) needs that a "Seller's Disclosure of Property Condition" be offered by the seller.

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069(b) mentions that if the property is not situated in a taped subdivision, then the seller is required to provide a different disclosure form specifying utilities might not be available to the residential or commercial property up until the neighborhood is recorded. 5. 069(c) refers to promoting the availability of an executory agreement. It requires that the ad disclose information relating to the availability of water, sewer, and electrical service.

070(a)( 1) requires the seller to supply the buyer with a tax certificate from the collector for each taxing unit that collects taxes due on the home. 5. 070(a)( 2) requires the seller to supply the buyer with a copy of any insurance plan, binder, or proof that suggests the name of the insurer and insured; a description of the insured property; and the policy quantity.

Appropriately, agreements for deed and other executory agreements have actually fallen under disuse which was exactly the legislature's intent. Even if a seller is willing to withstand the different constraints and possible liability involved in engaging in an agreement for deed, the SAFE Act licensing requirement still apply. Keep in mind that the executory agreement does not apply to business deals.