Relating to the filing and release of record of a unilateral memorandum of contract concerning residential property.
What changed between versions
Added new Section 12.020 to the Property Code establishing procedures for filing and releasing unilateral memorandums of contract concerning residential property.
Requires persons filing unilateral memorandums to provide mailing addresses and certificates of mailing to county clerks, and to notify property owners via registered or certified mail.
Establishes standardized forms for affidavits of release and certificates of mailing that must be used when filing or releasing these documents.
Creates protections for bona fide purchasers and lenders, stating that memorandums do not constitute notice or create duties of inquiry after proper release procedures are followed.
Sets September 1, 2025 as the effective date for the new requirements and as the date after which non-compliant memorandums lose enforceability against purchasers and lenders.