Tex. Fin. Code Section 159.002
Inapplicability of Chapter

(a)

In this section, “unimproved residential real estate” means residential real estate on which a dwelling has not been constructed.

(b)

Notwithstanding any other provision of this chapter, this chapter does not apply to a wrap mortgage loan:

(1)

made by or on behalf of an owner of unimproved residential real estate to a purchaser of that residential real estate if:

(A)

the residential real estate purchased will not continue to be subject to any unreleased lien described by Section 159.001 (Definitions)(7)(A) that secures a debt that is subject to a due-on-sale clause in connection with which the lienholder may foreclose the lien; or

(B)

the residential real estate purchased will continue to be subject to an unreleased lien described by Paragraph (A) and the holder of that unreleased lien has consented to the sale of the residential real estate; or

(2)

for a sale of residential real estate that is the wrap lender’s homestead.
Added by Acts 2021, 87th Leg., R.S., Ch. 76 (S.B. 43), Sec. 3, eff. January 1, 2022.

Source: Section 159.002 — Inapplicability of Chapter, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­159.­htm#159.­002 (accessed May 11, 2024).

Green check means up to date. Up to date

Accessed:
May 11, 2024

§ 159.002’s source at texas​.gov