Tex.
Prop. Code Section 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 (Right to Convert Contract).(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 (Right to Convert Contract); and(2)
if applicable, select a trustee for a deed of trust under Section 5.081 (Right to Convert Contract).(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.
Source:
Section 5.082 — Request for Balance and Trustee, https://statutes.capitol.texas.gov/Docs/PR/htm/PR.5.htm#5.082 (accessed Jun. 5, 2024).
