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Posted: 4/26/2002 6:22:30 PM EDT
Or anybody that has had to hoe the same row? I hate to bother y'all with my problems, but I sold some property awhile back, and it looks like I'm going to have to forclose. Up to this point, I've tried to do right by the people that bought the place, but things have come to a point where my family is directly affected. My specific question is: Is a "Contract For Deed" enforceable under the current Texas Property Law? My "pre-paid" attorney has doubts, but doesn't know. I don't have the financial resources at this point to pay an attorney a couple hundred bucks to "look into it". So far, I've pretty much gotten the impression that I'm s@#$ out of luck. Any help/advice is greatly appreciated. Thank you.
Link Posted: 4/26/2002 6:28:03 PM EDT
Sorry RYNC, I should have gotten back with you sooner! Mea culpa! Mea maxima culpa! Yes, contract for deeds are certainly enforceable in Texas. The amount of time that you must give the buyer prior to cancelling the contract for deed depends solely upon the amount of money that has been paid by them, as a percentage of the purchase price. There's a formula built into the statute. I so seldom deal with contracts for deed that I just don't recall what that formula might be for now. I'll look it up and get back to this thread! Again, sorry for failing to respond sooner! Eric The(AlwaysHelpful)Hun[>]:)]
Link Posted: 4/26/2002 6:37:46 PM EDT
Thanks ETH. My time on the 'puter is limited. In the interest of saving bandwith; with your permission, I'll give you a holler this weekend via landline.
Link Posted: 4/26/2002 7:04:33 PM EDT
Here goes: A contract for deed very strongly favors the seller. Years ago, unscrupulous landowners took unfair advantage of that strength. When a buyer failed to make a payment, the landowner would instantly evict the buyer, keeping all the payments the buyer already made. So, Texas enacted laws to protect the buyer. The Texas Property Code requires several things of the seller. If the buyer has missed payments, the seller must send a written notice stating a plan to remedy the situation by either 1) rescinding the contract -- taking back the property and retaining the money already paid, as rent -- or 2) accelerating the contract -- taking back the property and demanding the rest of the money be paid immediately. It depends on the actual wording of the contract for deed whether you have these two choices or not. The notice sent by the seller must give the buyer time to respond and to correct the situation. If the buyer has paid you 9% or less of the contract price, you need only give ten days notice. If the buyer has paid you 10% to 19% of the contract price, you must give thirty days notice. Finally, if the buyer has paid more than 20% of the contract price, you must give sixty days notice before you can enforce your remedy. You can make these time limits more generous in the contract, but you cannot shorten them. Additionally, if a home is located in a county that is both 1) within 200 miles of Mexico and 2) has average per capita income 25 percent below the state average and average unemployment 25 percent above the state average, then the law gives the buyer additional rights. These are called the 'Los Barrios' counties! So what county are we talking about?[:D] Eric The(Legal)Hun[>]:)]
Link Posted: 4/26/2002 7:23:34 PM EDT
Bandera County.
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