Sec. 5.071. SELLER'S DISCLOSURE OF FINANCING TERMS. Before an executory contract is signed by the purchaser, the seller shall provide to the purchaser a written statement that specifies:
(1) the purchase price of the property;
(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
(6) the fact that the seller may not charge a prepayment penalty or any similar fee if the purchaser elects to pay the entire amount due under the contract before the scheduled payment date under the contract.
Added by Acts 1995, 74th Leg., ch. 994, Sec. 3, eff. Sept. 1, 1995. Renumbered from Property Code Sec. 5.095 and amended by Acts 2001, 77th Leg., ch. 693, Sec. 1, eff. Sept. 1, 2001.
Structure Texas Statutes
Subchapter D. Executory Contract for Conveyance
Section 5.0621. Construction With Other Law
Section 5.0622. Additional Applicability: Certain Counties
Section 5.064. Seller's Remedies on Default
Section 5.065. Right to Cure Default
Section 5.066. Equity Protection; Sale of Property
Section 5.067. Placement of Lien for Utility Service
Section 5.068. Foreign Language Requirement
Section 5.069. Seller's Disclosure of Property Condition
Section 5.070. Seller's Disclosure of Tax Payments and Insurance Coverage
Section 5.071. Seller's Disclosure of Financing Terms
Section 5.072. Oral Agreements Prohibited
Section 5.073. Contract Terms, Certain Waivers Prohibited
Section 5.074. Purchaser's Right to Cancel Contract Without Cause
Section 5.076. Recording Requirements
Section 5.077. Annual Accounting Statement
Section 5.078. Disposition of Insurance Proceeds
Section 5.080. Liability for Disclosures
Section 5.081. Right to Convert Contract
Section 5.082. Request for Balance and Trustee
Section 5.083. Right to Cancel Contract for Improper Platting
Section 5.084. Right to Deduct
Section 5.085. Fee Simple Title Required; Maintenance of Fee Simple Title