Texas Property Code

§ 5.081 — RIGHT TO CONVERT CONTRACT

PR § 5.081Title 2. CONVEYANCES · Ch. 5. CONVEYANCES · Art. D. EXECUTORY CONTRACT FOR CONVEYANCE

Statute text

(a)A purchaser, at any time and without paying penalties or charges of any kind, is entitled to convert the purchaser's interest in property under an executory contract into recorded, legal title in accordance with this section, regardless of whether the seller has recorded the executory contract.

(b)If the purchaser tenders to the seller an amount of money equal to the balance of the total amount owed by the purchaser to the seller under the executory contract, the seller shall transfer to the purchaser recorded, legal title of the property covered by the contract.

(c)Subject to Subsection (d), if the purchaser delivers to the seller of property covered by an executory contract a promissory note that is equal in amount to the balance of the total amount owed by the purchaser to the seller under the contract and that contains the same interest rate, due dates, and late fees as the contract:

(1)the seller shall execute a deed containing any warranties required by the contract and conveying to the purchaser recorded, legal title of the property; and

(2)the purchaser shall simultaneously execute a deed of trust that:

(A)contains the same terms as the contract regarding the purchaser's and seller's duties concerning the property;

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Legislative history

Acts 2015, 84th Leg., R.S., Ch. 996 (H.B. 311), Sec. 8, eff. September 1, 2015.