Texas Property Code 82.151 – Applicability
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(a) This subchapter applies to each unit subject to this chapter, except as provided by Subsection (b) or as modified or waived by the agreement of a purchaser of a unit in a condominium in which all units are restricted to nonresidential use.
(b) A condominium information statement or resale certificate need not be prepared or delivered in the case of:
(1) a gratuitous disposition of a unit;
(2) a disposition pursuant to court order;
(3) a disposition by a government or governmental agency;
(4) a disposition by foreclosure or deed in lieu of foreclosure; or
(5) a disposition that may be canceled at any time, for any reason, and without penalty.
Terms Used In Texas Property Code 82.151
- Condominium: means a form of real property with portions of the real property designated for separate ownership or occupancy, and the remainder of the real property designated for common ownership or occupancy solely by the owners of those portions. See Texas Property Code 82.003
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Disposition: means a voluntary transfer to a purchaser of any legal or equitable interest in a unit but does not include the transfer or release of a security interest. See Texas Property Code 82.003
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Purchaser: means a person, other than a declarant, who by means of a voluntary transfer acquires a legal or equitable interest in a unit other than a leasehold interest or as security for an obligation. See Texas Property Code 82.003
- Unit: means a physical portion of the condominium designated for separate ownership or occupancy, the boundaries of which are described by the declaration. See Texas Property Code 82.003