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Texas Property Code - Section 5.082. Request For Balance And Trustee

Legal Research Home > Texas Laws > Property Code > Texas Property Code - Section 5.082. Request For Balance And Trustee

§ 5.082. REQUEST FOR BALANCE AND TRUSTEE.  (a) A 
purchaser under an executory contract, on written request, is 
entitled to receive the following information from the seller:
		(1)  as of the date of the request or another date 
specified by the purchaser, the amount owed by the purchaser under 
the contract;  and
		(2)  if applicable, the name and address of the seller's 
desired trustee for a deed of trust to be executed under Section 
5.081.
	(b)  On or before the 10th day after the date the seller 
receives from the purchaser a written request for information 
described by Subsection (a), the seller shall provide to the 
purchaser a written statement of the requested information.
	(c)  If the seller does not timely respond to a request made 
under this section, the purchaser may:
		(1)  determine or pay the amount owed under the 
contract, including determining the amount necessary for a 
promissory note under Section 5.081;  and
		(2)  if applicable, select a trustee for a deed of trust 
under Section 5.081.
	(d)  For purposes of Subsection (c)(2), a purchaser must 
select a trustee that lives or has a place of business in the same 
county where the property covered by the executory contract is 
located.
	(e)  Not later than the 20th day after the date a seller 
receives notice of an amount determined by a purchaser under 
Subsection (c)(1), the seller may contest that amount by sending a 
written objection to the purchaser.  An objection under this 
subsection must:
		(1)  be sent to the purchaser by regular and certified 
mail;                
		(2)  include the amount the seller claims is the amount 
owed under the contract;  and
		(3)  be based on written records kept by the seller or 
the seller's agent that were maintained and regularly updated for 
the entire term of the executory contract.

Added by Acts 2005, 79th Leg., ch. 978, § 6, eff. Sept. 1, 2005.           

Last modified: August 11, 2007