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Texas Occupations Code - OCC § 1201.1511. Real Property Appraisal and Title Work Expenses

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Notwithstanding Section 1201.151 or 1201.1521, a retailer may collect from a consumer in advance or deduct from the consumer's deposit or down payment any expenses incurred by the retailer if, after receiving a conditional notification of approval from a lender chosen by the consumer, the consumer:

(1) contracts with the retailer to arrange for services that are performed by an appraiser of real property or a title company in connection with real property that will be included in the purchase or exchange or is intended to be pledged by the consumer as collateral for the consumer's purchase or exchange of a manufactured home;

(2) is provided notice of laws relating to rescission and real property appraisal and title work expenses before signing the contract for real property appraisal and title work services;  and

(3) is provided an itemized list of the specific real property appraisal and title work expenses incurred by the retailer.

(b) A retailer may not charge to the consumer any fees or expenses other than the real property appraisal and title work expenses disclosed to the consumer under Subsection (a)(3).

(c) The department may demand copies of contracts, invoices, receipts, or other proof of any real property appraisal and title work expenses retained by a retailer.

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Cite this article: FindLaw.com - Texas Occupations Code - OCC § 1201.1511. Real Property Appraisal and Title Work Expenses - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-1201-1511/

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