Texas Property Code

§ 5.071 — SELLER'S DISCLOSURE OF FINANCING TERMS

PR § 5.071Title 2. CONVEYANCES · Ch. 5. CONVEYANCES · Art. D. EXECUTORY CONTRACT FOR CONVEYANCE

Statute text

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

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Legislative history

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.