Texas Property Code

§ 5.016 — CONVEYANCE OF RESIDENTIAL PROPERTY ENCUMBERED BY LIEN

PR § 5.016Title 2. CONVEYANCES · Ch. 5. CONVEYANCES · Art. A. GENERAL PROVISIONS

Statute text

(a)A person may not convey an interest in or enter into a contract to convey an interest in residential real property that will be encumbered by a recorded lien at the time the interest is conveyed unless, on or before the seventh day before the earlier of the effective date of the conveyance or the execution of an executory contract binding the purchaser to purchase the property, an option contract, or other contract, the person provides the purchaser and each lienholder a separate written disclosure statement in at least 12-point type that:

(1)identifies the property and includes the name, address, and phone number of each lienholder;

(2)states the amount of the debt that is secured by each lien;

(3)specifies the terms of any contract or law under which the debt that is secured by the lien was incurred, including, as applicable:

(A)the rate of interest;

(B)the periodic installments required to be paid; and

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Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 1056 (H.B. 2207), Sec. 1, eff. January 1, 2008.