Texas § NR.161.511 - TIME LIMIT ON TRANSFER OF LAND

§ NR.161.511. TIME LIMIT ON TRANSFER OF LAND

TIME LIMIT ON TRANSFER OF LAND. (a) Except as provided by Subsection (c), a recipient of a loan may not lease, sell, or otherwise transfer in whole or part land or any interest in land against which there is a mortgage, deed of trust, or any other lien securing the loan: (1) before the third anniversary of the date the recipient purchases the land; and (2) unless the recipient has complied with any other terms and conditions provided by this subchapter and the rules of the board. (b) After the three-year period prescribed by Subsection (a), land may be sold or otherwise transferred, subject to any lien securing a loan, if: (1) all interest, principal, and taxes that are due have been paid; (2) the terms and conditions of this subchapter and rules of the board have been met; and (3) the board approves the sale or other transfer. (c) The board may waive the three-year period prescribed by Subsection (a): (1) in a case of death, bankruptcy, financial incapacity, or divorce of the loan recipient; (2) if a loan recipient is forced to move because of a change in employment or because the recipient's home is condemned through no fault of the recipient; or (3) at any other time the board considers a waiver to be in the best interest of the program. Added by Acts 2001, 77th Leg., ch. 333, Sec. 2, eff. May 21, 2001.