Tex. Prop. Code Section 5.077
Annual Accounting Statement

(a)

The seller shall provide the purchaser with an annual statement in January of each year for the term of the executory contract. If the seller mails the statement to the purchaser, the statement must be postmarked not later than January 31.

(b)

The statement must include the following information:

(1)

the amount paid under the contract;

(2)

the remaining amount owed under the contract;

(3)

the number of payments remaining under the contract;

(4)

the amounts paid to taxing authorities on the purchaser’s behalf if collected by the seller;

(5)

the amounts paid to insure the property on the purchaser’s behalf if collected by the seller;

(6)

if the property has been damaged and the seller has received insurance proceeds, an accounting of the proceeds applied to the property; and

(7)

if the seller has changed insurance coverage, a legible copy of the current policy, binder, or other evidence that satisfies the requirements of Section 5.070 (Seller’s Disclosure of Tax Payments and Insurance Coverage)(a)(2).

(c)

A seller who conducts less than two transactions in a 12-month period under this section who fails to comply with Subsection (a) is liable to the purchaser for:

(1)

liquidated damages in the amount of $100 for each annual statement the seller fails to provide to the purchaser within the time required by Subsection (a); and

(2)

reasonable attorney’s fees.

(d)

A seller who conducts two or more transactions in a 12-month period under this section who fails to comply with Subsection (a) is liable to the purchaser for:

(1)

liquidated damages in the amount of $250 a day for each day after January 31 that the seller fails to provide the purchaser with the statement, but not to exceed the fair market value of the property; and

(2)

reasonable attorney’s fees.

(e)

The requirements of this section continue to apply after a purchaser obtains title to the property by conversion or any other process.
Added by Acts 1995, 74th Leg., ch. 994, Sec. 3, eff. Sept. 1, 1995. Renumbered from Property Code Sec. 5.100 and amended by Acts 2001, 77th Leg., ch. 693, Sec. 1, eff. Sept. 1, 2001.
Amended by:
Acts 2005, 79th Leg., Ch. 978 (H.B. 1823), Sec. 5, eff. September 1, 2005.
Acts 2015, 84th Leg., R.S., Ch. 996 (H.B. 311), Sec. 6, eff. September 1, 2015.

Source: Section 5.077 — Annual Accounting Statement, https://statutes.­capitol.­texas.­gov/Docs/PR/htm/PR.­5.­htm#5.­077 (accessed Jun. 5, 2024).

5.001
Fee Simple 5.002
Failing as a Conveyance 5.003
Partial Conveyance 5.004
Conveyance by Authorized Officer 5.005
Aliens 5.006
Attorney’s Fees in Breach of Restrictive Covenant Action 5.007
Vendor and Purchaser Risk Act 5.008
Seller’s Disclosure of Property Condition 5.009
Duties of Life Tenant 5.010
Notice of Additional Tax Liability 5.011
Seller’s Disclosure Regarding Potential Annexation 5.012
Notice of Obligations Related to Membership in Property Owners’ Association 5.013
Seller’s Disclosure of Location of Conditions Under Surface of Unimproved Real Property 5.014
Notice of Obligations Related to Public Improvement District 5.015
Prohibited Fees 5.016
Conveyance of Residential Property Encumbered by Lien 5.019
Notice of Water Level Fluctuations 5.020
Easements Restricting Possession of Firearms or Alcoholic Beverages Prohibited 5.021
Instrument of Conveyance 5.022
Form 5.023
Implied Covenants 5.024
Encumbrances 5.025
Wood Shingle Roof 5.026
Discriminatory Provisions 5.027
Correction Instruments: Generally 5.028
Correction Instruments: Nonmaterial Corrections 5.029
Correction Instruments: Material Corrections 5.030
Correction Instrument: Effect 5.041
Future Estates 5.042
Abolition of Common-law Rules 5.043
Reformation of Interests Violating Rule Against Perpetuities 5.061
Definition 5.062
Applicability 5.063
Notice 5.064
Seller’s Remedies on Default 5.065
Right to Cure Default 5.066
Equity Protection 5.067
Placement of Lien for Utility Service 5.068
Foreign Language Requirement 5.069
Seller’s Disclosure of Property Condition 5.070
Seller’s Disclosure of Tax Payments and Insurance Coverage 5.071
Seller’s Disclosure of Financing Terms 5.072
Oral Agreements Prohibited 5.073
Contract Terms, Certain Waivers Prohibited 5.074
Purchaser’s Right to Cancel Contract Without Cause 5.076
Recording Requirements 5.077
Annual Accounting Statement 5.078
Disposition of Insurance Proceeds 5.079
Title Transfer 5.080
Liability for Disclosures 5.081
Right to Convert Contract 5.082
Request for Balance and Trustee 5.083
Right to Cancel Contract for Improper Platting 5.084
Right to Deduct 5.085
Fee Simple Title Required 5.087
Additional Provisions: Certain Counties 5.0141
Notice Required Before Contract Execution 5.0142
Purchaser Signature Required 5.0143
Recording of Notice at Closing 5.0144
Reliance on Filed Service Plan 5.0145
Suits for Damages 5.151
Disclosure in Offer to Purchase Mineral Interest 5.152
Certain Purchases of Mineral or Royalty Interests Void 5.201
Definitions 5.202
Certain Private Transfer Fee Obligations Void 5.203
Notice Requirements for Continuation of Existing Private Transfer Fee Obligations 5.204
Additional Compliance Requirement: Timely Acceptance of Fees Paid Under Existing Private Transfer Fee Obligations 5.0205
Equitable Interest Disclosure 5.205
Disclosure of Existing Transfer Fee Obligation Required in Contract for Sale 5.206
Waiver Void 5.207
Injunctive or Declaratory Relief 5.0261
Removal of Discriminatory Provision from Recorded Conveyance Instrument 5.0621
Construction with Other Law 5.0622
Additional Applicability: Certain Counties
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 5.077’s source at texas​.gov