16. when is a property in conveyance condition

C land to a conveyance that correctly conveys other land;. Except as provided by Subsection c , a bona fide purchaser of property that is subject to a correction instrument may rely on the instrument against any person making an adverse or inconsistent claim. A correction instrument recorded before September 1, , that substantially complies with Section 5.

A person may make an inter vivos conveyance of an estate of freehold or inheritance that commences in the future, in the same manner as by a will.

Acts , 68th Leg. Amended by Acts , 76th Leg. A court shall liberally construe and apply this provision to validate an interest to the fullest extent consistent with the creator's intent.

Amended by Acts , 72nd Leg. In this subchapter, "default" means the failure to:. Added by Acts , 74th Leg. For purposes of this subchapter, and only for the purposes of this subchapter:. B this state or a political subdivision of this state; or. C an instrumentality, public corporation, or other entity created to act on behalf of this state or a political subdivision of this state, including an entity created under Chapter , , or , Local Government Code.

The order must specify a method for determining whether the land is used or to be used as a residence. The notice must be conspicuous and printed in point boldface type or point uppercase typewritten letters, and must include on a separate page the statement:. A the delinquent amount, itemized into principal and interest;.

B any additional charges claimed, such as late charges or attorney's fees; and. C the period to which the delinquency and additional charges relate; and. 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. Amended by Acts , 73rd Leg. A seller may enforce the remedy of rescission or of forfeiture and acceleration against a purchaser in default under an executory contract for conveyance of real property only if:.

A the seller's intent to enforce a remedy under this section; and. B the purchaser's right to cure the default within the day period described by Section 5. Amended by Acts , 74th Leg. Amended by Acts , 78th Leg. Notwithstanding an agreement to the contrary, a purchaser in default under an executory contract for the conveyance of real property may avoid the enforcement of a remedy described by Section 5. The seller may not enforce the remedy of rescission or of forfeiture and acceleration after the contract has been recorded.

The notice must be provided as prescribed by Section 5. A notice of sale is not valid unless it is given after the period to cure has expired. The seller must:. If the proceeds of the sale exceed the debt amount, the seller shall disburse the excess funds to the purchaser under the executory contract. If the proceeds of the sale are insufficient to extinguish the debt amount, the seller's right to recover the resulting deficiency is subject to Sections A purchaser for value who relies on an affidavit under this subsection acquires title to the property free and clear of the executory contract.

Notwithstanding any terms of a contract to the contrary, the placement of a lien for the reasonable value of improvements to residential real estate for purposes of providing utility service to the property shall not constitute a default under the terms of an executory contract for the purchase of the real property. Added by Acts , 72nd Leg. If the negotiations that precede the execution of an executory contract are conducted primarily in a language other than English, the seller shall provide a copy in that language of all written documents relating to the transaction, including the contract, disclosure notices, annual accounting statements, and a notice of default required by this subchapter.

Before an executory contract is signed by the purchaser, the seller shall provide to the purchaser a written statement that specifies:. A eight percent of the monthly payment under the contract; or. B the actual administrative cost of processing the late payment;. This subsection does not limit or affect any other rights or remedies a purchaser has under other law.

If the seller mails the statement to the purchaser, the statement must be postmarked not later than January The vendor's lien is for the amount of the unpaid contract price, less any lawful deductions, and may be enforced by foreclosure sale under Section 5.

A general warranty is implied unless otherwise limited by the recorded executory contract. If an executory contract has not been recorded or converted under Section 5. For purposes of this subchapter, a disclosure required by this subchapter that is made by a seller's agent is a disclosure made by the seller.

A contains the same terms as the contract regarding the purchaser's and seller's duties concerning the property;. B secures the purchaser's payment and performance under the promissory note and deed of trust; and. C conveys the property to the trustee, in trust, and confers on the trustee the power to sell the property if the purchaser defaults on the promissory note or the terms of the deed of trust.

An objection under this subsection must:. A purchaser canceling and rescinding a contract under this subsection must:. A any payments the purchaser made to a taxing authority for the property; and.

B the value of any improvements made to the property by the purchaser. If a seller is liable to a purchaser under this subchapter, the purchaser, without taking judicial action, may deduct the amount owed to the purchaser by the seller from any amounts owed to the seller by the purchaser under the terms of an executory contract.

This subsection does not apply to a lien or encumbrance placed on the property that is:. A the seller, not later than the third day before the date the contract is executed, notifies the purchaser in a separate written disclosure:. D the following covenants are placed in the executory contract:. A the return of all payments of any kind made to the seller under the contract; and.

Before entering into a contract, a person selling an option or assigning an interest in a contract to purchase real property must disclose to any potential buyer that the person is selling only an option or assigning an interest in a contract and that the person does not have legal title to the real property. Added by Acts , 85th Leg. A mineral interest in lands covered by an existing oil, gas, or mineral lease; or. B royalty interest in production from an existing oil, gas, or mineral lease.

Added by Acts , 86th Leg. A a declaration or other covenant recorded in the real property records in the county in which the property subject to the private transfer fee obligation is located;.

The term includes a lender who provides a mortgage loan to a subsequent purchaser to purchase the property. June 17, A a fee payable for the lender's consent to an assumption of the loan or transfer of the property subject to the mortgage;. B a fee or charge payable for an estoppel letter or certificate;. Property Inspection Service Requirements. Attachment 3.

Attachment 4. Boarding Service Requirements. Attachment 5. Debris Removal Service Requirements. Attachment 6. Yard Maintenance and Snow Removal Requirements. Attachment 7. Winterization Requirements. Attachment 8. Request to Exceed Cost Limits. Attachment 9. Request to Exceed Timeframes. Attachment Mortgagee Appeal Process. Unit Pricing HUD has established an overall maximum cost limit see Attachment 1 that establishes the maximum amount that will be reimbursed for all preservation and protection expenses on an individual property.

HUD will require the repayment of claimed reimbursement amounts if it determines that: 1. Amounts paid for reimbursement were unnecessary and excessive; 2. The Mortgagee obtained bids that were not independent and competitive; 3.

Services claimed were not performed or not performed properly; or 4. Conveyance of Damaged Properties A. Surchargeable Damage All properties conveyed to HUD should be undamaged by fire, flood, earthquake, tornado, hurricane, or boiler explosion for condominiums or damage resulting from Mortgagee neglect. Damage Due to Failure to Preserve and Protect Mortgagee Neglect HUD will hold a Mortgagee liable if its failure to take reasonable action to preserve and protect property that it determined or should have been determined to be vacant or abandoned results in property damage or destruction.

Initiate foreclosure within the required timeframe 1. Obtain timely and accurate property inspections; 2. Promptly secure and continue to protect all abandoned properties; or 3. Limitation on Fire Damage Mortgagees are liable for the full cost to repair fire damage whether or not the damage was the result of Mortgagee neglect.

Damage Due to Mold A property may be conveyed with mold if the mold was not caused by a surchargeable condition, including Mortgagee neglect, fire, flood, earthquake, hurricane, or for condominiums, by boiler explosion. Sale and conveyance of trust property by trustees when discharged of trust by donor Any incorporated religious society or congregation, owning or holding the title to any real estate in trust or on condition that it shall be used for church purposes, may, by its board of trustees, consistory or other board managing its temporalities, alone and without a vote of the members of the society, sell and convey all or any part of such real estate, in fee simple or otherwise, freed and discharged from the trust or condition, if the donor who created such trust or imposed such condition, or his heirs or devisees, discharge the property or such society or congregation from such trust or condition or consent to such conveyance.

The deed therefor shall convey to the purchaser a good and effectual title, free from such trust or condition, and the grantee shall take the property so freed and discharged. Disclaimer: These codes may not be the most recent version. New Jersey may have more current or accurate information.