40 Tex. Admin. Code § 175.8 - Contract of Sale and Purchase
(a) The contract
of sale and purchase will be prepared by the board. It is to be executed by
both the veteran and the chairman of the board.
(b) The board will specify the terms of the
contract for each transaction.
(c)
Each contract of sale and purchase shall bear a rate of interest designated by
the board and shall not exceed 30 years in duration.
(d) If the tract contains improvements or is
located in an underground irrigation water area, the chairman may require
accelerated installments for the purpose of protecting the board's
investment.
(e) Installment
payments on a veteran-purchaser's contract of sale and purchase shall be due
and payable in the following manner:
(1) for
transactions which have closed before January 1, 1984, installment payments
will be made on a semiannual basis, unless the veteran-purchaser elects to
change to a monthly payment schedule.
(2) for transactions which close after
January 1, 1984, payments will be made on a monthly basis.
(3) the installment dates will be specified
in the contract.
(f)
Advance payments may be made at any time. When making an advance payment the
veteran should provide the board with written instructions as to the nature of
the payment (i.e., whether it is an additional payment against principal or an
advance installment payment). Making an additional payment against principal
will not relieve the veteran of his obligation to make each installment payment
as it becomes due.
(g) All taxes
(state, school, water district, city, or any other tax) shall be kept current.
Evidence of their payment shall be submitted to the board by May 1 of each
year.
(h) If there are any material
errors in the contract, the chairman may execute a correction contract. This
instrument will then be provided to the veteran for his signature.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.