Before using these forms, please read the sections of the Property Code dealing with
Executory Contracts (Contracts for Deed)
Sections 5.061 through 5.080
http://www.capitol.state.tx.us/statutes/pr.toc.htm
- 1 -
Contract for Deed
NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY
REMOVE OR STRIKE ANY OF THE FOLLOWING INFORMATION FROM THIS
INSTRUMENT BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR
SOCIAL SECURITY NUMBER OR YOUR DRIVER’S LICENSE NUMBER.
CONTRACT FOR DEED
THIS DAY this agreement is entered into by and between _______________________,
hereinafter referred to as "SELLER", whether one or more, and _______________________,
hereinafter referred to as "PURCHASER", whether one or more, on the terms and conditions and for
the purposes hereinafter set forth: 1.
SALE OF PROPERTY
For and in consideration of TEN DOLLARS ($10.00) and other good and valuable
considerations the receipt and sufficiency of which is hereby acknowledged, Seller does hereby agree
to convey, sell, assign, transfer and set over unto Purchaser, the following property situated in
___________________ County, State of Texas, said property being described as follows : (Type
description or attach description as exhibit "A")
Together with all rights of ownership associated with the property, including, but not limited to, all
easements and rights benefiting the premises, whether or not such easements and rights are of record,
and all tenements, hereditaments, improvements and appurtenances, including all lighting fixtures,
plumbing fixtures, shades, venetian blinds, curtain rods, storm windows, storm doors, screens,
awnings, if any, and ____________________________________________ now on the premises.
SUBJECT TO all recorded easements, rights-of-way, conditions, encumbrances and limitations
and to all applicable building and use restrictions, zoning laws and ordinances, if any, affecting the
- 2 -
Contract for Deed
property.
2.
PURCHASE PRICE AND TERMS
The purchase price of the property shall be $____________________. The purchaser does
hereby agree to pay to the order of the Seller the sum of ___________________ Dollars
($_______________) upon execution of this agreement, with the balance of $__________________
being due and payable as follows:(Select one)
(a) Balance payable in __________ (_______) monthly installments of ______________ Dollars ($_________) each, with the first installment being due and payable on the ____ day of
_______________, 20____ and a like payment on the first day of each month thereafter until
the ______ day of ________________, 20____, when the final payment shall be due. No
interest.
(b) Balance payable, together with interest on the whole sum that shall be from time to time
unpaid at the rate of _______ per cent, per annum, payable in the amount of $____________
dollars per month beginning on the _____ day of ____________, 20____ and continuing on the
same day of each month thereafter until fully paid.
(c) Balance payable, together with interest on the whole sum that shall be from time to time
unpaid at the rate of _______ per cent, per annum, payable in the amount of
_____________________ dollars per month beginning on the ________ day of
_______________, 20____, and continuing on the same day of each month thereafter until the
______ day of _______________, 20____, when all remaining principal and interest shall be
paid. (Balloon payment)
If interest is charged, interest shall be computed monthly and deducted from payment and the
balance of payment shall be applied on principal.
3.
TIME OF THE ESSENCE
Time is of the essence in the performance of each and every term and provision in this
agreement by Purchaser.
- 3 -
Contract for Deed
4.
SECURITY
This contract shall stand as security of the payment of the obligations of Purchaser.
5.
MAINTENANCE OF IMPROVEMENTS
Except as permitted by law, all improvements on the property, including, but not limited to,
buildings, trees or other improvements now on the premises, or hereafter made or placed thereon, shall
be a part of the security for the performance of this contract and shall not be removed therefrom.
Purchaser shall not commit, or suffer any other person to commit, any waste or damage to said
premises or the appurtenances and shall keep the premises and all improvements in as good condition
as they are now.
6.
CONDITION OF IMPROVEMENTS
Purchaser agrees that the Seller has not made, nor makes any representations or warranties as to
the condition of the premises, the condition of the buildings, appurtenances and fixtures locate thereon,
and/or the location of the boundaries. Purchaser accepts the property in its "as-is" condition without
warranty of any kind. The required Property Disclosure Statement is attached hereto as “Exhibit “A”,
which form was provided to the Purchaser before execution of this agreement.
7.
POSSESSION OF PROPERTY
Purchaser shall take possession of the property and all improvements thereon upon execution of
this contract and shall continue in the peaceful enjoyment of the property so long as all payments due
under the terms of this contract are timely made. Purchaser agrees to keep the property in a good state
of repair and in the event of termination of this contract, Purchaser agrees to return the property to
Seller in substantially the same condition as it now exists, ordinary wear and tear excepted. Seller
reserves the right to inspect the property at any time with or without notice to Purchaser.
8.
- 4 -
Contract for Deed
TAXES, INSURANCE AND ASSESSMENTS
Taxes and Assessments : During the term of this contract:(Select one)
(a) Purchaser shall pay all taxes and assessments levied against the property.
(b) Seller shall pay all taxes and assessments levied against the property. In the event that
Seller pays the taxes and insurance, Purchaser shall reimburse Seller for same upon 30 days
notice to purchaser.
Content Insurance: Purchaser shall be solely responsible for obtaining insurance of the
contents, insuring contents owned by Purchaser. Seller shall be solely responsible for obtaining
insurance on all contents owned by Seller. Liability and Hazard Insurance : Liability insurance shall be maintained by Purchaser during
the term of this contract naming Seller as an additional insured, in the amount of not less than $________________. Fire, Hazard and Windstorm insurance : Fire, hazard and windstorm insurance shall be
maintained as follows: (Select one)
(a) Purchaser shall obtain fire, hazard and windstorm insurance in the amount not less than
$_______________, on a policy of insurance naming Seller as additional insured.
(b) Seller shall obtain and pay for hazard, fire and windstorm insurance in an amount not
less than $ _________________. In the event Seller elects this option, Purchaser shall repay the
amount so paid by Seller within thirty (30) days of demand for same by Seller.
Should the Purchaser fail to pay any tax or assessment, or installment thereof, when due, or
keep said buildings insured, Seller may pay the same and have the buildings insured, and the amounts
thus expended shall be a lien on said premises and may be added to the balance then unpaid, or
collected by Seller, in the discretion if Seller with interest until paid at the rate of the ______________
per cent per annum. In case of any damage as a result of which said insurance proceeds are available, the Purchaser
may, within sixty (60) days of said loss or damage, give to the Seller written notice of Purchaser’s
election to repair or rebuild the damaged parts of the premises, in which event said insurance proceeds
shall be used for such purpose. The balance of said proceeds, if any, which remain after completion of
said repairing or rebuilding, or all of said insurance proceeds if the Purchaser elects not to repair or
rebuild, shall be applied first toward the satisfaction of any existing defaults under the terms of this
- 5 -
Contract for Deed
contract, and then as a prepayment upon the principal balance owing. No such prepayment shall defer
the time for payment of any remaining payments required by said contract. Any surplus of said
proceeds in excess of the balance owing hereon shall be paid to the Purchaser.
9.
DEFAULT
If the Purchaser shall fail to perform any of the covenants or conditions contained in this
contract on or before the date on which the performance is required, the Seller shall give Purchaser
notice of default or performance, stating the Purchaser is allowed sixty (60) days from the date the
notice is made (mailed) to cure the default or performance. In the event the default or failure of
performance is not cured within the 60 day time period, then Seller shall have the remedies as provided
in the Texas Laws and the Texas Property Code, Sections 5.061 et seq., which include rescission and
forfeiture, and all sums due shall be accelerated and become immediately due. Except as otherwise provided by the Texas Property Code, in the event of default and
termination of the contract by Seller, Purchaser shall forfeit any and all payments made under the
terms of this contract including taxes and assessments as liquidated damages, Seller shall be entitled to
recover possession of the property and such other damages as they may be due which are caused by the
acts or negligence of Purchaser. The parties expressly agree that in the event of default not cured by the Purchaser and
termination of this agreement, and Purchaser fails to vacate the premises, Seller shall have the right to
obtain possession by appropriate court action.
10.
DEED AND EVIDENCE OF TITLE
Upon total payment of the purchase price and any and all late charges, and other amounts due
Seller, Seller agrees to deliver to Purchaser a Deed to the subject property, at Seller’s expense, free and
clear of any liens or encumbrances other than taxes and assessments for the current year. The deed
shall be recorded by Seller within thirty (30) days of receiving final payment from the Purchaser in
accordance with the Texas Property Code..
11.
- 6 -
Contract for Deed
NOTICES
All notices required hereunder shall be deemed to have been made when deposited in the U. S.
Mail, postage prepaid, certified, return receipt requested, to the Purchaser or Seller at the addresses
listed below. All notices required hereunder may he sent to:
Seller:
Purchaser:
and when mailed, postage prepaid, to said address, shall be binding and conclusively presumed to be
served upon said parties respectively. Notice of Default shall be made by registered or certified mail
postage prepaid.
12.
ASSIGNMENT OR SALE
Purchaser shall not sell, assign, transfer or convey any interest in the subject property or this
agreement, without first securing the written consent of the Seller. However, the Purchaser shall have
the right to obtain a loan for the purposes allowed by the Texas Property Code, Sections 5.016, and
mortgage Purchaser’s interest in the property for such purposes.
13.
PREPAYMENT
Purchaser to have the right to prepay, without penalty, the whole or any part of the balance
remaining unpaid on this contract at any time before the due date.
14.
ATTORNEY FEES
- 7 -
Contract for Deed
In the event of default, Purchaser shall pay to Seller, Seller's reasonable and actual attorneys'
fees and expenses incurred by Seller in enforcement of any rights of Seller. All attorney fees shall be
payable prior to Purchaser's being deemed to have corrected any such default.
15.
LATE PAYMENT CHARGES
If Purchaser shall fail to pay, within fifteen (15) days after due date, any installment due
hereunder, Purchaser shall be required to pay an additional charge of five (5%) percent of the l ate
installment. Such charge shall be paid to Seller at the time of payment of the past due installment .
16.
CONVEYANCE OR MORTGAGE BY SELLER
If the Seller's interest is now or hereafter encumbered by mortgage, the Seller covenants that
Seller will meet the payments of principal and interest thereon as they mature and produce evidence
thereof to the Purchaser upon demand. In the event the Seller shall default upon any such mortgage or
land contract, the Purchaser shall have the right to do the acts or make the payments necessary to cure
such default and shall be reimbursed for so doing by receiving, automatically, credit to this contract to
apply on the payments due or to become due hereon. The Seller reserves the right to convey, his or her interest in the above described land and such
conveyance hereof shall not be a cause for rescission but such conveyance shall be subject to the terms
of this agreement.
The Seller may, during the lifetime of this contract, place a mortgage on the premises above
described, which shall be a lien on the premises, superior to the rights of the Purchaser herein, or may
continue and renew any existing mortgage thereon, provided that the aggregate amount due on all
outstanding mortgages shall not at any time be greater than the unpaid balance of the contract.
17.
ENTIRE AGREEMENT
This Agreement embodies and constitutes the entire understanding between the parties wi th
respect to the transactions contemplated herein. All prior or contemporaneous agreeme nts,
- 8 -
Contract for Deed
understandings, representations, oral or written, are merged into this Agreement.
THIS EXECUTORY CONTRACT REPRESENTS THE FINAL AGREEMENT
BETWEEN THE SELLER AND PURCHASER AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. ______________________________
(Date)
______________________________
(Signature of Seller) ______________________________
(Signature of Seller)
______________________________
(Date) ______________________________
(Signature of Purchaser) ______________________________
(Signature of Purchaser)
18.
AMENDMENT – WAIVERS
This Agreement shall not be modified, or amended except by an instrument in writing signed
by all parties. No delay or failure on the part of any party hereto in exercising any right, power or privilege
under this Agreement or under any other documents furnished in connection with or pursuant to this
Agreement shall impair any such right, power or privilege or be construed as a waiver of any default or
any acquiescence therein. No single or partial exercise of any such right, power or privilege shall
preclude the further exercise of such right, power or privilege, or the exercise of any other right, power
or privilege. No waiver shall be valid against any party hereto unless made in writing and signed by the
- 9 -
Contract for Deed
party against whom enforcement of such waiver is sought and then only to the extent expressly
specified therein.
19.
SEVERABILITY
If any one or more of the provisions contained in this Agreement shall be held illegal or
unenforceable by a court, no other provisions shall be affected by this holding. The parties intend that
in the event one or more provisions of this agreement are declared invalid or unenforceable, the
remaining provisions shall remain enforceable and this agreement shall be interpreted by a Court in
favor of survival of all remaining provisions. 20.
HEADINGS
Section headings contained in this Agreement are inserted for convenience of reference only,
shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or
affect the meaning, construction or scope of any of the provisions hereof.
21.
PRONOUNS
All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular, or plural, as the identity of the person or entity may require. As used in this
agreement: (1) words of the masculine gender shall mean and include corresponding neuter words or
words of the feminine gender, (2) words in the singular shall mean and include the plural and vice
versa, and (3) the word "may" gives sole discretion without any obligation to take any action.
22.
JOINT AND SEVERAL LIABILITY
All Purchasers, if more than one, covenants and agrees that their obligations and liability shall
be joint and several.
23.
PURCHASER’S RIGHT TO REINSTATE AFTER ACCELERATION
- 10 -
Contract for Deed
If Purchaser defaults and the loan is accelerated, then Purchaser shall have the right of
reinstatement as allowed under the laws of the State of Texas, provided that Purchaser: (a) pays Lender
all sums which then would be due under this agreement as if no acceleration had occurred; (b) cures
any default of any other covenants or agreements; and (c) pays all expenses incurred in enforcing this
agreement, including, but not limited to, reasonable attorneys' fees, and other fees incurred for the
purpose of protecting Seller's interest in the Property and rights under this agreement. Seller may
require that Purchaser pay such reinstatement sums and expenses in one or more of the following
forms, as selected by Seller: (a) cash, (b) money order, (c) certified check, bank check, treasurer’s
check or cashier’s check, provided any such check is drawn upon an institution whose deposits are
insured by a federal agency, instrumentality or entity or (d) Electronic Funds Transfer. Upon
reinstatement by Purchaser, this Security Instrument and obligations secured hereby shall remain fully
effective as if no acceleration had occurred.
24.
HEIRS AND ASSIGNS
This contract shall be binding upon and to the benefit of the heirs, administrators, executors,
and assigns of the parties hereto. However, nothing herein shall authorize a transfer in violation of
paragraph (12). 25.
OTHER PROVISIONS
YOU, THE PURCHASER, MAY CANCEL THIS CONTRACT AT ANY TIME
DURING THE NEXT TWO WEEKS. THE DEADLINE FOR CANCELING THE
- 11 -
Contract for Deed
CONTRACT IS _________________(Date). THE ATTACHED NOTICE OF
CANCELLATION EXPLAINS THIS RIGHT.
WITNESS THE SIGNATURES of the Parties this the _____ day of _____________,
20_____.
SELLER: PURCHASER:
Signature Signature
Name: Name:
SignatureSignature
Name: Name:
- 12 -
Contract for Deed
STATE OF TEXAS
COUNTY OF
This instrument was acknowledged before me on ________________(date) by
_________________________________.
Notary Public
Printed Name:
My Commission expires:
STATE OF TEXAS
COUNTY OF
This instrument was acknowledged before me on ________________(date) by
________________________________.
Notary Public
Printed Name:
My Commission expires:
Seller(s) Name and Address Buyer(s) Name and Address
Name: Name:
Address: Address:
City: City:
State: Zip: State : Zip:
Phone: Phone:
- 1 -
WARNING
IF ANY OF THE ITEMS BELOW HAVE NOT BEEN CHECKED, YOU MAY NOT BE ABLE
TO LIVE ON THE PROPERTY. SELLER'S DISCLOSURE NOTICE
CONCERNING THE PROPERTY AT:________________________________________________________
(street address or legal description and city)
THIS DOCUMENT STATES CERTAIN APPLICABLE FACTS ABOUT THE PROPERTY YOU
ARE CONSIDERING PURCHASING.
CHECK ALL THE ITEMS THAT ARE APPLICABLE OR TRUE:
____ The property is in a recorded subdivision.
____ The property has water service that provides potable water.
____ The property has sewer service.
____ The property has been approved by the appropriate municipal,
county, or state agency for installation of a septic system.
____ The property has electric service.
____ The property is not in a floodplain.
____ The roads to the boundaries of the property are paved and
maintained by:
____ the seller;
____ the owner of the property on which the road exists;
____ the municipality;
____ the county; or
____ the state.
- 2 -
____ No individual or entity other than the seller:
(1) owns the property;
(2) has a claim of ownership to the property; or
(3) has an interest in the property.
____ No individual or entity has a lien filed against the property.
____ There are no restrictive covenants, easements, or other title
exceptions or encumbrances that prohibit construction of a house on
the property.
NOTICE: SELLER ADVISES PURCHASER TO:
(1) OBTAIN A TITLE ABSTRACT OR TITLE COMMITMENT COVERING THE
PROPERTY AND HAVE THE ABSTRACT OR COMMITMENT REVIEWED BY AN ATTORNEY
BEFORE SIGNING A CONTRACT OF THIS TYPE; AND
(2) PURCHASE AN OWNER'S POLICY OF TITLE INSURANCE COVERING THE PROPERTY.
______________________________
(Date)______________________________
(Signature of Seller) ______________________________
(Signature of Seller)
______________________________
(Date) ______________________________
(Signature of Purchaser) ______________________________
(Signature of Purchaser)
- 3 -
SELLER’S DISCLOSURE
(PROPERTY NOT LOCATED IN RECORDED SUBDIVISION)
You are notified that the property located at
____________________________________ (address, city, state) is not
located in a recorded subdivision. Utilities may not be available
to the property until the subdivision is recorded as required by law.
______________________________
(Date) ______________________________
(Signature of Seller) ______________________________
(Signature of Seller)
______________________________
(Date) ______________________________
(Signature of Purchaser) ______________________________
(Signature of Purchaser)
SELLER'S DISCLOSURE NOTICE
REGARDING TAXES AND INSURANCE
Before the executory contract regarding the property located at
______________________________________________ is to be signed by
the purchaser, the seller did provide to the purchaser the following:
(1) a tax certificate from the collector for each taxing unit that
collects taxes due on the property as provided by Section 31.08, Tax
Code; and
(2) a legible copy of any insurance policy, binder, or other
evidence relating to the property that indicates:
(A) the name of the insurer and the insured;
(B) a description of the property insured; and
(C) the amount for which the property is insured.
______________________________
(Date) ______________________________
(Signature of Seller) ______________________________
(Signature of Seller)
______________________________
(Date) ______________________________
(Signature of Purchaser) ______________________________
(Signature of Purchaser)
SELLER'S DISCLOSURE NOTICEFINANCING TERMS
Before the executory contract regarding the property located at
______________________________________________ is to be signed by
the purchaser, the seller does provide to the purchaser a written
statement that specifies:
(1) the purchase price of the property is _________________________;
(2) the interest rate charged under the contract is __________________;
(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 is _______________________;
(4) the total amount of principal and interest to be paid under the
contract is ________________________________;
(5) the late charge, if any, that may be assessed under the contract
is ________________; and
(6) the seller will 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.
______________________________
(Date) ______________________________
(Signature of Seller) ______________________________
(Signature of Seller)
______________________________
(Date) ______________________________
(Signature of Purchaser) ______________________________
(Signature of Purchaser)
ANNUAL ACCOUNTING
NOTICE: The seller shall provide the purchaser with an annual
statement in January of each year for the term of the executory
contract. If the seller mails the statement to the purchaser, the
statement must be postmarked not later than January 31.
TO: Purchaser
ACCOUNTING PERIOD: ____________________________________
The following is your accounting of the payments made on the
contract in regard to the property located at ___________________________________________________.
(1) The amount paid under the contract is _______________________________.
(2) The remaining amount owed under the contract is _____________________.
(3) The number of payments remaining under the contract is
________________.
(4) The amounts paid to taxing authorities on the purchaser's behalf if collected by the seller were _______________________________________________.
(5) The amounts paid to insure the property on the purchaser's behalf if collected by the seller were _______________________________________________.
(6) The property has been damaged and the seller has received
insurance proceeds. An accounting of the proceeds applied to
the property is_____________________________________________________________
___________________________________________________________________.
(7) The seller has changed insurance coverage. A legible copy of the current policy, binder is attached.
SIGNED AND MAILED on the _______ day of _________________, 20___.
__________________________________ Seller __________________________________ Seller
NOTICE OF CANCELLATION_____________________ date of contract
YOU MAY CANCEL THE EXECUTORY CONTRACT FOR ANY REASON
WITHOUT ANY PENALTY OR OBLIGATION BY _____________________.
(1) YOU MUST SEND BY TELEGRAM OR CERTIFIED OR REGISTERED
MAIL, RETURN RECEIPT REQUESTED, OR DELIVER IN PERSON A
SIGNED AND DATED COPY OF THIS CANCELLATION NOTICE OR ANY
OTHER WRITTEN NOTICE TO _________________________ (Name of Seller)
AT _____________________________________________ (Seller's
Address) BY _______________________(date).
(2) THE SELLER SHALL, NOT LATER THAN THE 10TH DAY AFTER
THE DATE THE SELLER RECEIVES YOUR CANCELLATION NOTICE:
(A) RETURN THE EXECUTED CONTRACT AND ANY PROPERTY EXCHANGED
OR PAYMENTS MADE BY YOU UNDER THE CONTRACT; AND
(B) CANCEL ANY SECURITY INTEREST ARISING OUT OF THE CONTRACT.
I ACKNOWLEDGE RECEIPT OF THIS NOTICE OF CANCELLATION FORM.
______________________________
(Date) _________________________
(Purchaser’s Signature)
I HEREBY CANCEL THIS CONTRACT.
______________________________
(Date) _________________________ (Purchaser’s Signature)
- 1 -
NOTICE
TO: _____________________ _____________________ _____________________ _____________________ _____________________ __________________________________________ _____________________
YOU ARE NOT COMPLYING WITH THE TERMS OF THE CONTRACT TO BUY
YOUR PROPERTY. UNLESS YOU TAKE THE ACTION SPECIFIED IN THIS
NOTICE BY ___________________ THE SELLER HAS THE RIGHT TO
TAKE POSSESSION OF YOUR PROPERTY.
(See Page 2 for remainder of Notice)
- 2 -
You are provided with the following information in
reference to this notice:(1) The identity and explanation of the remedy the
seller intends to enforce is the remedy of rescission or of
forfeiture and acceleration.
(2) You have failed to make the following payments.(A) The delinquent amount, itemized into principal
and interest is: ___________________________________________________________________________________________________________
(B) Any additional charges claimed, such as late
charges or attorney's fees are: ___________________________________________ __________________________________________________________
(C) the period to which the delinquency and
additional charges relate is: ____________________________________________ __________________________________________________________
(3) You have failed to comply with a term or terms of
the contract. The term violated and the action required to
cure the violation is ______________________________________________________________________________________________________________________
YOU HAVE 60 DAYS FROM THE DATE THIS NOTICE IS GIVEN
(MAILED) TO CURE THE DEFAULT. IF YOU FAIL TO CURE THE
DEFAULT WITHIN SUCH 60 DAYS THE SELLER MAY ENFORCE THE
REMEDIES IDENTIFIED ABOVE. THE LAST DAY TO CURE IS _____________.
- 3 -
THIS notice is provided to you by registered or certified
mail, return receipt requested, mailed to the address(es)
shown on the first page of this notice. Signed and Mailed
on the ______ day of _____________, 20__.
______________________________________ Seller or Authorized Agent of Seller
Notes:
This notice is provided in accordance with Section 5.064 of
the Texas Property Code, Section 5, and is to be delivered
by registered or certified mail, return receipt requested.
The notice must be conspicuous and printed in 14-point
boldface type or 14-point uppercase typewritten letters and
must include on a separate page the statement on the first
page of this Notice.
Notice by mail is given when it is mailed to the
purchaser's residence or place of business. The affidavit
of a person knowledgeable of the facts to the effect that
notice was given is prima facie evidence of notice in an
action involving a subsequent bona fide purchaser for value
if the purchaser is not in possession of the real property
and if the stated time to avoid the forfeiture has expired.
A bona fide subsequent purchaser for value who relies upon
the affidavit under this subsection shall take title free
and clear of the contract.
- 1 -
NOTICE
(40% Loan Paid or 48 Payment made)
TO: _____________________ _____________________ _____________________ _____________________ _____________________ __________________________________________ _____________________
YOU ARE NOT COMPLYING WITH THE TERMS OF THE CONTRACT TO BUY
YOUR PROPERTY. UNLESS YOU TAKE THE ACTION SPECIFIED IN
THIS NOTICE BY ______________, A TRUSTEE DESIGNATED BY THE
SELLER HAS THE RIGHT TO SELL YOUR PROPERTY AT A PUBLIC AUCTION.
(See Page 2 for remainder of Notice)
- 2 -
You are provided with the following information in
reference to this notice:(3) The identity and explanation of the remedy the
seller intends to enforce is the remedy of rescission or of
forfeiture and acceleration under Section 5.064 of the
Texas Property Code.
(A) You have failed to make the following payments:
________________________________________________________ _________________________________________________________
(B) The delinquent amount, itemized into principal
and interest is: ___________________________________________________________________________________________________________
(C) Any additional charges claimed, such as late
charges or attorney's fees are: ___________________________________________ __________________________________________________________
(D) the period to which the delinquency and
additional charges relate is: ____________________________________________ __________________________________________________________
(3) You have failed to comply with a term or terms of
the contract. The term violated and the action required to
cure the violation is ______________________________________________________________________________________________________________________
YOU HAVE 60 DAYS FROM THE DATE THIS NOTICE IS GIVEN
- 3 -
(MAILED) TO CURE THE DEFAULT. IF YOU FAIL TO CURE THE
DEFAULT WITHIN SUCH 60 DAYS THE SELLER MAY ENFORCE THE
REMEDIES IDENTIFIED ABOVE. THE LAST DAY TO CURE IS _____________.
THIS notice is provided to you by registered or certified
mail, return receipt requested, mailed to the address(es)
shown on the first page of this notice. Signed and Mailed
on the ______ day of _____________, 20__.
__________________________________________ Seller or Authorized Agent of Seller
