Residential Disclosures From Sellers And Lenders Page 11
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100Residential Disclosures from Sellers
Section 49.453 provides that each district must
4 years from the date of closing, whichever occurs first.
maintain, in its office, the particular form of notice
applicable to properties in the district. Upon written
D. Exemptions. Section 49.452(a)(2) lists 4 types
request, the district must issue the notice with all
of transfers under which the notice to the purchaser is
information completed so that a seller may provide the
not required: (1) transfers under a lien foreclosure; (2)
completed notice to the buyer.
The district is not
transfers by deed in cancellation of indebtedness of a
required to provide the information orally.
The
lien; (3) transfers under a will or probate; and (4)
district may charge a reasonable fee, not to exceed
transfers to a governmental entity.
$10, for the issuance of the notice that the district may
deliver by regular mail.
If an alternative delivery
X. NOTICE OF COASTAL AREA PROPERTY -
method is requested, the district may charge its costs
§33.135, NATURAL RESOURCES CODE.
to deliver the notice under the alternative method.
Section 49.453 also requires each district to file
A. Purpose. Section 33.135, Natural Resources
with the Texas Commission on Environmental Quality
Code, requires the seller of property adjoining a tidally
(TCEQ) the contact information for the district. One
influenced water of the state to include in the contract
may find this information with some other information
for the sale of the property (or as a part of it) the notice
about district at
about coastal area properties as prescribed in the statute.
Section 49.455(b)(9) also requires each district to
The notice advises the buyer that the property shares a
file in the real property records of the county in which
boundary with the tidally influenced submerged land of
it is located the particular form of the notice that a
the state and that the boundary is subject to change.
seller in the district is required to provide a buyer with
The notice states that the seller has no knowledge of
all information completed.
There appears to be
any prior fill. It advises the buyer that no structure or
varying degrees of compliance by the districts,
encumbrance may be placed on a submerged land of the
especially when the information has changed.
state without permission. See Subsection (a) for the
Section 49.455(j) requires each district to file the
text of the required notice (also, see appendix for TREC
particular form of the notice that a seller in the district
form).
is required to provide a buyer with TCEQ. However,
TCEQ does not make the notice form readily available
B. Application. Section 33.135 applies to a seller
on its website for the citizens of Texas to easily
of any property that adjoins a tidally influenced water of
access. It appears that there may be little or varying
the state, but does not include sales of minerals,
degrees of compliance by the districts to submit the
leasehold, or security interests.
information
to
TCEQ,
especially
when
the
information changes, and little initiative for TCEQ to
C. Remedies. If the contract does not contain the
enforce this requirement or make the information
notice, the buyer may terminate the contract. Failure to
accessible.
deliver the notice before closing constitutes a violation
of §17.46, Business and Commerce Code.
C. Remedies. If the seller fails to deliver the
notice before execution of the contract, the buyer
XI.
NOTICE
OF
PROPERTY
LOCATED
retains the statutory right to terminate the contract for
SEAWARD OF INTRACOASTAL WATERWAY -
any reason at any time before closing (Subsection (f)).
§61.025, NATURAL RESOURCES CODE.
If the seller later furnishes the notice at or before
closing and the buyer closes, the buyer has waived all
A. Purpose. Section 61.025, Natural Resources
rights to terminate, to recover damages, or to seek
Code, requires the seller of an interest in property that is
other remedies under §49.452. Except as provided by
located seaward of the Gulf Intracoastal Waterway to
Subsection (f), the buyer has the right under
include a prescribed statutory notice in the contract for
Subsections (n)-(q) to maintain a suit for damages if
sale.
the notice is not delivered for: (1) costs related to the
The notice advises the buyer that the property
sale, interest, and attorney’s fees; or (2) damages not
is located seaward of the Intracoastal Waterway. If
greater than $5,000 plus attorney’s fees (but not both
advises the buyer that if the property is close to a beach,
(1) and (2)). If the buyer closes and subsequently sells
then the public has a right of use to or over the area of
the property, the buyer waives all rights to any
any public beach. It advises the buyer that the extreme
damages under §49.452 (Subsection (l)).
The
seaward boundary of natural vegetation that spread
remedies under §49.452 are exclusive remedies
continuously inland customarily marks the landward
available to the buyer. The buyer must bring a suit for
boundary of the public easement, but if there is no
damages not later than 90 days after the buyer
visible vegetation line, the landward boundary of the
receives the first tax notice from the district or within
easement is as provided in §61.016 and §61.017,
Natural Resources Code. The notice informs the buyer
7
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form St-55 - Joint Election Between Vendor And Lender To Designate Entitlement To Claim Sales Tax Bad Debt Refund Or Credit
Financial
Form St-55 - Joint Election Between Vendor And Lender To Designate Entitlement To Claim Sales Tax Bad Debt Refund Or Credit
Financial
Form Il-516-i And Form Il-516-b - Pass-through Prepayment Voucher (for Withholding From Individuals And Estates)/ Pass-through Prepayment Voucher (for Withholding From Corporations, Partnerships, And Trusts) - 2015
Financial
Related Categories
Parent category: Legal