Define Fillable Fields In Legal Texas Option To Purchase Forms For Free

TEXAS COURT DEFINITION OF ?OPTION TO PURCHASE? Under Texas court decisions, an option to purchase is a land contract by which the owner gives another the right to buy property at a fixed price within a certain time.

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.

A Texas land contract establishes terms binding the parties in a sale of vacant land. The parties, a seller and a buyer, must utilize this contract to record the ownership transfer's binding terms, such as the agreed-upon price and applicable financial provisions.

Instrument of Conveyance. A conveyance of an estate of inheritance, a freehold, or an estate for more than one year, in land and tenements, must be in writing and must be subscribed and delivered by the conveyor or by the conveyor's agent authorized in writing.

Under Section 5.081 of the Texas Property Code, the buyer ?at any time and without paying penalties or charges of any kind? is entitled to convert the contract-for-deed into recorded, legal title by tendering a promissory note for the balance owed with the same terms as the contract.

Section 5.008 of the Texas Property Code governs a seller's duty to disclose the condition of residential real estate. You may review the promulgated disclosure form on the Contract Forms tab of the Texas Real Estate Commissioner's website found at .