Texas Contract for Deed Seller's Annual Accounting Statement to Purchaser - Residential - Land Contract, Executory Contract
About this form
The Contract for Deed Seller's Annual Accounting Statement to Purchaser is a legal document that provides a summary of the payments received by the seller for a residential property sold under a land contract or executory contract. This statement is crucial for maintaining transparency between the seller and purchaser, as it details the number and amounts of payments applied toward the purchase price and interest. Unlike other accounting statements, this specific form is tailored for use in contract for deed arrangements, ensuring compliance with relevant legal requirements.
Key components of this form
- Statement date: The date when the accounting statement is issued.
- Payment summary: Detailed information about the total number and amounts of payments received from the purchaser.
- Interest calculation: Overview of any interest accrued on the outstanding balance.
- Contact information: Seller's details for any inquiries from the purchaser.
- Signature line: Area for the seller to sign and date the document, ensuring its authenticity.
Situations where this form applies
This form should be used annually by the seller to provide the purchaser with an account of all payments made towards the purchase of the property under the contract for deed. It is particularly necessary in January each year to satisfy the requirements of Texas Property Code 5.077, which mandates that sellers provide a timely accounting to purchasers regarding their transaction.
Who should use this form
- Home sellers involved in a land contract or executory contract arrangement.
- Purchasers of residential properties under a contract for deed.
- Real estate professionals who assist buyers and sellers with contract for deed transactions.
Steps to complete this form
- Identify the date of the statement and ensure it reflects the current year.
- List all payments received during the past year, including total amounts and dates.
- Calculate and include any interest accrued on the outstanding balance in the summary.
- Provide your contact information for the purchaser to reach out if they have questions.
- Sign and date the statement to validate the document.
Does this form need to be notarized?
Notarization is not commonly needed for this form. However, certain documents or local rules may make it necessary. Our notarization service, powered by Notarize, allows you to finalize it securely online anytime, day or night.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to send the statement by the required deadline of January 31.
- Omitting or miscalculating payment amounts or interest.
- Not providing clear contact information for follow-up questions.
- Not signing the document, which may render it invalid.
Why complete this form online
- Convenient access: Download and complete the form anytime.
- Editability: Easily modify the form to suit your specific needs.
- Reliability: Get a professionally drafted form that complies with legal standards.
Main things to remember
- The Seller's Annual Accounting Statement is important for transparency between seller and purchaser.
- Annual compliance with Texas Property Code ensures adherence to legal obligations.
- Accurate record-keeping helps maintain a positive business relationship.
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FAQ
Contract execution is the process whereby the signing parties perform the duties mentioned in the contractual agreement. The terms mentioned in the contractual agreement contain certain guidelines to be kept in mind while executing the contract and in the performance of the contract.
Recording Requirement No longer. Section 5.076(a) states that the seller shall record the executory contract, including the attached disclosure statement . . . on or before the 30th day after the date the contract is executed. Additionally, any instrument that terminates the contract must be recorded.
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.
In order for any contract to be considered executory, it needs to be binding on the parties to the contract. And, per the statute of frauds, real estate sales contracts must be in writing to be valid, so any oral real estate agreement is considered a voluntary, non-binding understanding and NOT a binding contract.
An executed contract is one in which the parties have performed their duties under the contract. An executory contract is one in which the parties have not yet performed their obligations under the agreement. Example: I enter into a contract with you. Before I have fully performed the contract, it is executory.
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.
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. However, an obligation to pay money, even if such obligation is material, does not usually make a contract executory.
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.
