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I I I <br />A person who proposes -to sell or otherwise convey real property that is located in. a pu I wic <br />improvement district established under Subehapter A, Chapter 372, Local Government Code <br />(except for public improvement districts described under Section 372.005), or Chapter 382, <br />Local Government Code, shall first give to the purchaser of the property this written notice, <br />signed by the seller. <br />For the purposes of this notice, a contract for the purchase and sale of real property having a <br />performance period of less than six months is considered a sale requiring the notice set fortli below. <br />This notice requirement does not apply to a transfer: <br />1) under a court order or foreclosure sale; <br />2) by a trustee in bankruptcy-, <br />3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary <br />of a deed of trust by a trustor or successor in interest; <br />4) by a mortgagee or a beneficiary under a deed of trust who has acquired the <br />land at a sale conducted under a power of sale under a deed of trust or a sale <br />under a court-ordered foreclosure or has acquired the land by a deed in lieu of <br />foreclosure; <br />5) by a fiduciary in the course of the administration of a decedent's <br />estate, guardianship, conservatorship, or trust; <br />6) from one co-owner to another co-owner of an undivided interest in the <br />real property; <br />7) to a spouse or a person in the lineal line of consanguinity of the seller; <br />8) to or from a governmental entity; or <br />9) of only a mineral interest, leasehold interest, or security interest <br />The following notice shall be given to a prospective purchaser before the execution of a binding <br />contract of purchase and sale, either separately or as an addendum or paragraph of a purchase <br />contract. In the event a contract of purchase and sale is entered into without the seller having <br />provided the required notice, the purchaser, subject to certain exceptions, is entitled to terminate <br />6,.e contract. <br />A separate copy of this notice shall be executed by the seller and the purchaser and must be <br />filed in the real property records of the county in which the property is located at the closing of <br />the purchase and sale of the property,, <br />