Texas Property Code 5.064 – Seller’s Remedies On Default
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Terms Used In Texas Property Code 5.064
- Contract: A legal written agreement that becomes binding when signed.
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
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:
(1) the seller notifies the purchaser of:
(A) the seller’s intent to enforce a remedy under this section; and
(B) the purchaser’s right to cure the default within the 30-day period described by § 5.065;
(2) the purchaser fails to cure the default within the 30-day period described by § 5.065;
(3) § 5.066 does not apply; and
(4) the contract has not been recorded in the county in which the property is located.