Texas Contract for Deed related forms. These forms comply with the Texas law, and deal with matters related to Contract for Deed.
Texas Contract for Deed Disclosure of Property Condition - Residential - Land Contract, Executory Contract
Category:
State:
Texas
Control #:
TX-00470-1
Format:
Word;
Rich Text
Instant download
Description Executory
Free preview Deed Land Executory
How to fill out Texas Disclosure Property Form?
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Contract Property Residential Purchase Form popularity
Contract Property Residential Other Form Names
Texas Disclosure Property
Texas Executory Contract
Texas Disclosure Residential Form
Deed Property Land
Contract Deed Residential
Disclosure Property Condition Form
Contract Deed Property
Texas Deed Land FAQ
An executory contract is a contract that has not yet been fully performed or fully executed. It is a contract in which both sides still have important performance remaining.
Executory contracts must be in writing and must be signed by the parties that enter into the agreement.
Relying on the language of section 365(g) of the Bankruptcy Code, the Supreme Court emphasized that a debtor's rejection of an executory contract has the same effect as a breach of that contract outside bankruptcy and that rejection cannot rescind rights that the contract previously granted.
An executory contract is when one or both parties have obligations still to be performed. For example, a sales contract is an executory contract until the buyer has obtained financing-there are still obligations remaining to be performed before the contract can be considered executed.
Although the terms of an executory contract won't be fulfilled for some time, it's still a legally binding agreement. Therefore, it's important to fulfill your contractual obligations. These types of contracts are especially beneficial for big-ticket purchase items, such as cars and homes.
There are two possible treatments of installment land contracts under the Code: (1) a court may find an installment land contract is an executory contract; or (2) a court may find that it creates a security interest on property similar to a mortgage.
An executory contract is when one or both parties have obligations still to be performed. For example, a sales contract is an executory contract until the buyer has obtained financing-there are still obligations remaining to be performed before the contract can be considered executed.
If the executory contract is terminated for any reason, the Property Code also requires that the seller record the instrument that terminates the contract. A recorded executory contract is considered to be the same as a deed with a vendor's lien for the amount of the unpaid contract price, less any lawful deductions.
Most courts use the definition created by the late Professor Vern Countryman of Harvard Law School, which defines an executory contract as an agreement, including leases, where performance is remaining on all parties to the agreementand can be enforced by a court.