(a) A purchaser under an executory contract, on written request, is entitled to receive
the following information from the seller:
(1) as of the date of the request or another date specified by the purchaser, the
amount owed by the purchaser under the contract; and
(2) if applicable, the name and address of the seller's desired trustee for a deed
of trust to be executed under Section 5.081.
(b) On or before the 10th day after the date the seller receives from the purchaser
a written request for information described by Subsection (a), the seller shall provide
to the purchaser a written statement of the requested information.
(c) If the seller does not timely respond to a request made under this section, the
(1) determine or pay the amount owed under the contract, including determining the
amount necessary for a promissory note under Section 5.081; and
(2) if applicable, select a trustee for a deed of trust under Section 5.081.
(d) For purposes of Subsection (c)(2), a purchaser must select a trustee that lives
or has a place of business in the same county where the property covered by the executory
contract is located.
(e) Not later than the 20th day after the date a seller receives notice of an amount
determined by a purchaser under Subsection (c)(1), the seller may contest that amount
by sending a written objection to the purchaser. An objection under this subsection must:
(1) be sent to the purchaser by regular and certified mail;
(2) include the amount the seller claims is the amount owed under the contract; and
(3) be based on written records kept by the seller or the seller's agent that were
maintained and regularly updated for the entire term of the executory contract.
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