Texas Clauses Relating to Defaults, Default Remedies
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FAQ
The Agreement has several available remedies for the buyer and seller in the event of default. The options include (1) declaring the Agreement null and void, (2) termination of the Agreement, (3) specific performance, and (4) stipulated damages.
By law, lenders and servicers are required to send a written notice allowing you 20 days to ?cure? (pay in full the amount owed) to bring the defaulted loan current. Some loans increase this period to 30 days (most FHA, VA and home equity loans).
In Texas, a home builder is generally responsible for any defects or damages that occur due to construction for a period of four years from the date of completion. This would be a standard breach of contract or breach of warranty claim. However, there are certain claims for negligence that could have a two-year window.
Option to cure is a contract principle that, where available, allows a party to a contract to have the opportunity to correct their performance to align with their obligations in the contract.
A 'right to cure' Dallas and Austin are the only two cities that have local eviction rules giving extra time for tenants to pay rent and late fees before their landlord can begin the eviction process. These ?right-to-cure? provisions are the norm in a majority of states, ing to Martin.
Many of those employers include a ?notice and cure? provision in their employment contracts. When a ?notice and cure? term is included in an employment contract, the agreement includes a length of time during which a problem, or potential terminable event, can be corrected before termination.
