Texas Contract for Deed related forms. These forms comply with the Texas law, and deal with matters related to Contract for Deed.
Frisco Texas Contract for Deed Notice of Default by Seller to Purchaser: A Frisco Texas Contract for Deed is a legal agreement between the seller and purchaser for the sale of a property. In the event that the purchaser has paid 40 percent of the total purchase price or has made 48 consecutive payments, a Notice of Default by the Seller may be issued. This notice indicates that the purchaser is in default of the contract and certain actions may be taken by the seller. Keywords: Frisco Texas Contract for Deed, Notice of Default, Seller, Purchaser, 40 percent, 48 payments, legal agreement, property sale. Different types of Frisco Texas Contract for Deed Notice of Default by Seller to Purchaser where Purchaser paid 40 percent or made 48 payments: 1. Partial Payment Default: This type of notice is issued when the purchaser has only paid 40 percent of the total purchase price but fails to make the subsequent payments required by the contract. The seller may initiate actions for foreclosure or termination of the contract. 2. Payment Default: When the purchaser has made 48 consecutive payments but is unable to make further payments, a Payment Default notice may be issued. This could be due to financial hardship or unforeseen circumstances, prompting the seller to take appropriate actions. 3. Breach of Contract Default: In cases where the purchaser has paid 40 percent or made 48 payments but violates other terms and conditions specified in the contract, a Breach of Contract Default notice may be issued. This could include failure to maintain the property, unauthorized alterations, or any other breach that affects the terms of the agreement. 4. Cure Period Default: A Cure Period Default notice may be issued if the purchaser has paid 40 percent or made 48 payments, but fails to rectify a prior default within a specified cure period. This notice serves as a final warning to the purchaser, informing them of impending legal actions if the default is not addressed promptly. 5. Termination Default: If the purchaser has paid 40 percent or made 48 payments, but consistently fails to fulfill their contractual obligations, the seller may issue a Termination Default notice. This notice signifies the seller's intent to terminate the contract and initiate legal proceedings for repossession of the property. Note: While these types of default notices generally apply to Frisco, Texas, it is important to consult with legal professionals and review the specific terms outlined in the contract to understand the exact procedures and consequences associated with each type of default.
