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Texas Statutes (Last Updated: January 4, 2014) |
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PROPERTY CODE |
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Title 5. EXEMPT PROPERTY AND LIENS |
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Subtitle A. PROPERTY EXEMPT FROM CREDITORS' CLAIMS |
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Chapter 41. INTERESTS IN LAND |
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Subchapter A. EXEMPTIONS IN LAND DEFINED |
Sec. 41.006. CERTAIN SALES OF HOMESTEAD
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(a) Except as provided by Subsection (c), any sale or purported sale in whole or in part of a homestead at a fixed purchase price that is less than the appraised fair market value of the property at the time of the sale or purported sale, and in connection with which the buyer of the property executes a lease of the property to the seller at lease payments that exceed the fair rental value of the property, is considered to be a loan with all payments made from the seller to the buyer in excess of the sales price considered to be interest subject to Title 4, Finance Code.
(b) The taking of any deed in connection with a transaction described by this section is a deceptive trade practice under Subchapter E, Chapter 17, Business & Commerce Code, and the deed is void and no lien attaches to the homestead property as a result of the purported sale.
(c) This section does not apply to the sale of a family homestead to a parent, stepparent, grandparent, child, stepchild, brother, half brother, sister, half sister, or grandchild of an adult member of the family.