Texas Property Code - Section 221.042. Notice; Refund
Legal Research Home >
Texas Laws > Property Code > Texas Property Code - Section 221.042. Notice; Refund
§ 221.042. NOTICE; REFUND. (a) If a purchaser elects to
cancel a purchase contract under Section 221.041, the purchaser may
do so by hand-delivering notice of cancellation to the developer,
by mailing notice by prepaid United States mail to the developer or
to the developer's agent for service of process, or by providing
notice by overnight common carrier delivery service to the
developer or the developer's agent for service of process.
(b) Cancellation is without penalty, and all payments made
by the purchaser before cancellation must be refunded on or before
the 30th day after the date on which the developer receives a timely
notice of cancellation or on or before the fifth day after the date
the developer receives good funds from the purchaser, whichever is
later.
Added by Acts 1987, 70th Leg., ch. 167, § 6.03, eff. Sept. 1,
1987. Renumbered from § 201.042 by Acts 1989, 71st Leg., ch. 2,
§ 13.03(b), eff. Aug. 28, 1989. Amended by Acts 2005, 79th Leg.,
ch. 539, § 8, eff. Jan. 15, 2006.
Section: 221.031 221.032 221.033 221.034 221.035 221.036 221.041 221.042 221.043 221.051 221.052 221.053 221.061 221.062 221.063
Last modified: August 11, 2007
|
