In analyzing the legislative intent and applying the concept of mutual restitution, the court held "that Subchapter D's cancellation-and-rescission remedy contemplates mutual restitution of benefits among the parties. 17.001, eff. 994, Sec. Before entering into a contract, a person selling an option or assigning an interest in a contract to purchase real property must disclose to any potential buyer that the person is selling only an option or assigning an interest in a contract and that the person does not have legal title to the real property. (a) A potential seller may not execute an executory contract with a potential purchaser if the seller does not own the property in fee simple free from any liens or other encumbrances. (f) Notwithstanding any other provision of this subchapter, only the following sections apply to an executory contract described by Subsection (a)(2) if the term of the contract is three years or less and the purchaser and seller, or the purchaser's or seller's assignee, agent, or affiliate, have not been parties to an executory contract to purchase the property covered by the executory contract for longer than three years: (2) Section 5.073, except for Section 5.073(a)(2); and. You have the right to know the condition of the property, including: You have the right to know the terms of financing, including: You have the right to an annual accounting by Jan 31st of every year that includes: You have the right to receive a warranty deed to the property within 30 days of your last payment under the (f) The notice shall be delivered by the seller to the purchaser on or before the effective date of an executory contract binding the purchaser to purchase the property. A deed of termination for parties who want to end a contract by consent. Movant requests the court to review the attached conveyance instrument and enter an order removing the discriminatory provision as defined by Section 5.0261(a), Texas Property Code, together with such other orders as the court deems appropriate. Code Ann. (i) A suggested form of order appropriate to comply with Subsection (f) is as follows: with Discriminatory In and For ___________________, Provision County, Texas, Judicial Finding of Fact and Conclusion of Law Regarding Conveyance Instrument Alleged to Contain a Discriminatory Provision as Defined by Section 5.0261(a), Texas Property Code. (2) the name and address of the other party to the contract. 5.066 (West 2015). September 1, 2015. (d) A person who executes a correction instrument under this section shall: (1) record the instrument and evidence of notice as provided by Subdivision (2), if applicable, in each county in which the original instrument of conveyance being corrected is recorded; and. 20.001, eff. (b) Any information taken from the service plan as last filed by the municipality or county and the information contained in or shown on the notice form contained in the service plan under Section 372.013, Local Government Code, not including information provided as to the assessments or annual installment amounts as authorized by Section 5.014(b), shall be, for purposes of the notice required by Section 5.014, conclusively presumed as a matter of law to be correct. UNLESS YOU TAKE THE ACTION SPECIFIED IN THIS NOTICE BY (date) THE SELLER HAS THE RIGHT TO TAKE POSSESSION OF YOUR PROPERTY. 1, eff. 3815), Sec. 1307 (H.B. Moreover, statutory remedies against the seller have been prescribed when violations occur. PLACEMENT OF LIEN FOR UTILITY SERVICE. What happens if the foregoing requirements are not met? Sept. 1, 1995. Renumbered from Property Code Sec. Generally, purchase defaults will include the following conditions: In the state of Texas, one of the biggest differences between purchasing real estate with a contract for deed versus using a traditional mortgage is the time frame needed for the property title to transfer. "Signed and delivered in the presence of ____________________". The "180 days or less" exemption exists as an accommodation to real estate brokers, because . 5.081. 5.062 and amended by Acts 2001, 77th Leg., ch. What Is a Contract for Deed in Texas? A purchaser canceling and rescinding a contract under this subsection must: (1) deliver a signed, written notice of the cancellation and rescission to the seller in person; or. 1665), Sec. (e) The purchaser's right to terminate the executory contract under Subsection (d) is the purchaser's exclusive remedy for the seller's failure to provide the notice required by this section. 926 (H.B. 534 followers Real Estate Forms. The legal term "contract for deed" refers to a real estate transaction that takes place directly between the buyer and the seller, with no . The order must specify a method for determining whether the land is used or to be used as a residence. Acts 2009, 81st Leg., R.S., Ch. 27.001(76), eff. FEE SIMPLE. 1, eff. 5, eff. ANNUAL ACCOUNTING STATEMENT. 1, eff. Sec. (2) with respect to a payment to a school for educational activities, property not described by Subdivision (1) if the encumbered property is located within: (A) the school's assigned attendance zone; and. 578 (H.B. Fax: 817-231-7294 The Commissioner of the Texas Department of Savings and Mortgage Lending (TDSML) has ruled that T-SAFE will not be applied to persons who make five or fewer owner-financed loans in a year. (2) warrant that the property is free from any encumbrance. Guarantor form as attachment to lease. Free. 994, Sec. 3, eff. To clarify, only after the buyer completes the terms of the contract will the title transfer for the contract for deed. September 1, 2007. 3838), Sec. Buyers under a contract for deed are at greater risk for losing the property than if purchased through a lender with a warranty deed (a deed that guarantees a clear title to the buyer of real property) and vendors, Executory Contracts and Lease-to-Own Real Estate, Digital strategy, design, and development by. (b) The seller's failure to provide information required by this section: (c) Subsection (b) does not limit the purchaser's remedy against the seller for other false, misleading, or deceptive acts or practices actionable in a suit brought under Subchapter E, Chapter 17, Business & Commerce Code. Default has occurred in the Contract for Deed ("Contract') dated February 15, 2022 and recorded on February 17, 2022, as Document Number 11079156 (or in Book of;Page ), in the Office of the County Recorder . The notice may be given separately, as part of the contract during negotiations, or as part of any other notice the seller delivers to the purchaser. Tex. During the negotiations, the seller should present the warranty deed to the buyer to verify that they own the title and property. (a) Except as provided by Subsection (b), the provisions of this subchapter and Chapter 92 apply to the portion of an executory contract described by Section 5.062(a)(2) that is a residential lease agreement. 825 (S.B. Sec. This property may be located near a military installation and may be affected by high noise or air installation compatible use zones or other operations. 5.020. Sec. January 1, 2006. If you are looking to buy or sell a property without using traditional financing, a Contract for Deed may work well for you. 5.079 (West 2015). An instrument intended as a conveyance of real property or an interest in real property that, because of this chapter, fails as a conveyance in whole or in part is enforceable to the extent permitted by law as a contract to convey the property or interest. Smith v. Davis, 462 W.W.3d 604 (Tex.App.Tyler 2015, pet. (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. Sec. On termination of a contract, the obligation of the parties to further performance is discharged, while any rights which have accrued prior to termination remain. Acts 1983, 68th Leg., p. 3485, ch. September 1, 2005. (b) If the purchaser cancels the contract as provided by Subsection (a), the seller shall, not later than the 10th day after the date the seller receives the purchaser's notice of cancellation: (1) return to the purchaser the executed contract and any property exchanged or payments made by the purchaser under the contract; and. 1543), Sec. To access this resource, sign in below or register for a free, no-obligation trial Sign in Contact us It is recommended to contact local mortgage brokers or financial institutions to learn what interest rates lenders are currently charging. IF A LIEN IS NOT RELEASED AND THE PROPERTY IS CONVEYED WITHOUT THE CONSENT OF THE LIENHOLDER, IT IS POSSIBLE THE LIENHOLDER COULD DEMAND FULL PAYMENT OF THE OUTSTANDING BALANCE OF THE LIEN IMMEDIATELY. Commercial contracts often contain express termination clauses which provide for termination in certain specified circumstances, including for breaches other than repudiatory breaches. (b) Neither the alienation by deed or will of an estate on which a remainder depends nor the union of the estate with an inheritance by purchase or descent affects the remainder. The trend in the law is to view any substantial forfeiture as unreasonable and unconscionable, whether within the context of an executory contract or not, if it results in a buyer losing either a large down payment or the home itself. (c) Status as an heir or next of kin of a conveyor or the failure of a conveyor to describe a person in a conveyance other than as a member of a class does not affect a person's right to take or share in an interest as a conveyee. Lesson Plan Templates . (g) Except as provided by Subsection (b), if Subsection (f) conflicts with another provision of this subchapter, Subsection (f) prevails. 5.085. 846, Sec. Sec. In order to balance the equities. (2) a spouse or a person in the lineal line of consanguinity of an owner described by Subsection (a). Sept. 1, 2001. 911 (H.B. E-mail: info@silblawfirm.com, San Antonio Office (e) A seller who violates this section is liable to the purchaser in the same manner and amount as a seller who violates Section 5.079 is liable to a purchaser. THIS DOCUMENT STATES CERTAIN APPLICABLE FACTS ABOUT THE PROPERTY YOU ARE CONSIDERING PURCHASING. While this is some good news for sellers, the legal landscape is still very much against the use of contracts for deed. (d) Subject to the intention of a conveyor, which controls unless limited by law, the membership of a class described in this section and the participation of a member in a property interest conveyed to the class are determined under this state's laws of descent and distribution. Hire the top business lawyers and save up to 60% on legal fees. A contract for deed is an agreement between a seller and buyer to purchase real property over a period of time. Users of this site should contact a licensed Texas attorney for a full and complete review of their legal issues. IT IS NOT A WARRANTY OF ANY KIND BY SELLER OR SELLER'S AGENTS. 5.024. 1051 (H.B. 5.205. The amount of the assessments is subject to change. 5.203. Sec. 1239, Sec. It provides various options for dealing with the parties' accrued rights and liabilities under the agreement being terminated. Sections 5.063 and 5.064 specify the content of the default notice, which must be followed to the letter if it is to be valid. Added by Acts 1995, 74th Leg., ch. (c) If the seller advertises property for sale under an executory contract, the advertisement must disclose information regarding the availability of water, sewer, and electric service. When the final payment is made, the seller transfers the deed to the buyer, who becomes the new owner. Acts 2015, 84th Leg., R.S., Ch. Is that a DTPA violation? 576, Sec. A contract for deed is a type of seller financing. Added by Acts 2021, 87th Leg., R.S., Ch. If yes, explain (attach additional sheets as necessary). A general warranty is implied unless otherwise limited by the recorded executory contract. It would not be prudent practice, however, to take the statutes word for it and simply assume that a recorded executory contract is as good as a deed. Have you (Seller) ever received assistance from FEMA or the U.S. Small Business Administration (SBA) for flood damage to the property? If the breach is for nonpayment, it must state what you owe in principal and interest, additional charges (like late fees), and the date of each missed payment. September 1, 2011. lien (a legal document that is the security for a real estate loan). (c) The notice described by Subsection (b) shall be delivered by the seller to the purchaser on or before the effective date of an executory contract binding the purchaser to purchase the property. Acts 2015, 84th Leg., R.S., Ch. Prop. Renumbered from Property Code Sec. 2, eff. (e) The seller's failure to provide the notice required by this section: (f) Subsection (e) does not limit the purchaser's remedy against the seller for other false, misleading, or deceptive acts or practices actionable in a suit brought under Subchapter E, Chapter 17, Business & Commerce Code. Notwithstanding an agreement to the contrary, a purchaser in default under an executory contract for the conveyance of real property may avoid the enforcement of a remedy described by Section 5.064 by complying with the terms of the contract on or before the 30th day after the date notice is given under that section. September 1, 2015. 1420, Sec. INJUNCTIVE OR DECLARATORY RELIEF; PROVIDING PENALTIES. This will help calculate a fair interest rate and determine the appropriate payments. 693, Sec. (4) by a mortgagee or a beneficiary under a deed of trust who has acquired the real property at a sale conducted under a power of sale under a deed of trust or a sale under a court-ordered foreclosure or has acquired the real property by a deed in lieu of foreclosure; (7) to a spouse or to a person or persons in the lineal line of consanguinity of one or more of the transferors; (8) between spouses resulting from a decree of dissolution of marriage or a decree of legal separation or from a property settlement agreement incidental to one of those decrees; (10) where the purchaser obtains a title insurance policy insuring the transfer of title to the real property; or. A person who has a right of first refusal in real property that is a condominium subject to Chapter 81 or Chapter 82 may not charge a fee for declining to exercise that right, such as a fee for providing written evidence of the declination. State Bar of Texas Notice to Clients 11. (2) an option to purchase real property that includes or is combined or executed concurrently with a residential lease agreement, together with the lease, is considered an executory contract for conveyance of real property. Can a buyer terminate a real estate contract in Texas? UpCounsel accepts only the top 5 percent of lawyers to its site. A purchaser for value who relies on an affidavit under this subsection acquires title to the property free and clear of the executory contract. 2819), Sec. A bona fide subsequent purchaser for value who relies upon the affidavit under this subsection shall take title free and clear of the contract. 1420, Sec. Sept. 1, 1999. 5.005. Contracts for deed, lease-purchases, and lease-options for longer than 180 days are unambiguously defined as executory contracts subject to Property Code Sections 5.061 et seq. (d) The county clerk shall collect the filing fee prescribed by Section 118.011, Local Government Code. Any lawsuits directly or indirectly affecting the Property. (e) A purchaser of real property whose sale or conveyance is subject to the notice requirement under Section 5.014, if the sale or conveyance of the property is not made in compliance with that section or Section 5.0141, 5.0142, or 5.0143, may institute a suit for damages in an amount not to exceed $5,000, plus reasonable attorney's fees. 339), Sec. Tex. State law sets forth the minimum amount of delinquent payments and/or the number of days or months behind the buyer must be before a landowner may terminate the contract. (i) A suit for damages under this section must be brought not later than the earlier of: (1) the 90th day after the date the purchaser receives the first public improvement district annual assessment installment or tax notice; or. An appellate court shall expedite review of a court's finding under this section. (B) has a two-tenths of one percent annual chance of flooding, which is considered to be a moderate risk of flooding. The property that is subject to this contract is exempt from Title 16, Property Code, including the provisions of that title that provide statutory warranties and building and performance standards. Renumbered from Property Code Sec. This means that the purchaser will be making monthly installments to pay back the loan. IF THE ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND DELINQUENCY COSTS. (a) A correction instrument that complies with Section 5.028 or 5.029 may correct an ambiguity or error in a recorded original instrument of conveyance to transfer real property or an interest in real property, including an ambiguity or error that relates to the description of or extent of the interest conveyed. Sept. 1, 2001. 559.21 Minnesota Uniform Conveyancing Blanks Form 30.4.1 (2018) YOU ARE NOTIFIED: 1. 693, Sec. If the notice is included as part of the executory contract or another notice, the title of the notice prescribed by this section, the references to the street address and date in the notice, and the purchaser's signature on the notice may be omitted. (a) If a restriction that affects real property, or a provision in a deed that conveys real property or an interest in real property, whether express or incorporated by reference, prohibits the use by or the sale, lease, or transfer to a person because of race, color, religion, or national origin, the provision or restriction is void. TREC No. A contract for deed in Texas is a contract between a seller and a purchaser whereby the owner of property or land retains the title or deed until the purchaser finishes making the installments of the agreed-upon purchase price. 5.202. Prop. When a buyer has a poor credit rating and is unable to get financing from a professional lender. Acts 2007, 80th Leg., R.S., Ch. Texas Contract for Deed Information. Added by Acts 1995, 74th Leg., ch. Prop. The seven-day letter requirement is widely ignored. If yes, explain (attach additional sheets as necessary): Room additions, structural modifications, or other alterations or repairs made without necessary permits or not in compliance with building codes in effect at that time. Send it by certified mail, or hand deliver it to the seller (get receipt for delivery!). If a transaction does not pass the smell test a seller-landlord will likely lose. 3, eff. 2, eff. 5.008 by Acts 1995, 74th Leg., ch. VENDOR AND PURCHASER RISK ACT. Jan. 1, 2000. 994, Sec. (d) Notwithstanding any provision of this section, Section 5.014, 5.0142, 5.0143, 5.0144, or 5.0145, all sellers, title companies, real estate brokers, and examining attorneys, and any agent, representative, or person acting on their behalf, are not liable for damages under Section 5.0145, or for any other damages to any person, for: (1) failing to provide the notice to a purchaser before execution of a binding contract of purchase and sale or at or before the closing of the purchase and sale contract when the municipality or county has not filed the service plan as required by Section 372.013, Local Government Code; or. (b) The rights and obligations of the parties to a contract are determined solely from the written contract, and any prior oral agreements between the parties are superseded by and merged into the contract. Added by Acts 1995, 74th Leg., ch. Sec. Acts 2019, 86th Leg., R.S., Ch. 5.016. __ Yes __ No __ Unknown. FOREIGN LANGUAGE REQUIREMENT. (B) CANCEL ANY SECURITY INTEREST ARISING OUT OF THE CONTRACT. Sec. The term includes a lender who provides a mortgage loan to a subsequent purchaser to purchase the property. A contract for deed is a contract in which the buyer pays for land by making monthly payments for a certain period of years. September 1, 2015. If a property seller is managing the financing for the real estate purchase, using a contract for deed is recommended. 4. Renumbered from Property Code Sec. 5.070(a)(2) requires the seller to provide the purchaser with a copy of any insurance policy, binder, or evidence that indicates the name of the insurer and insured; a description of the insured property; and the policy amount. Sec. 5.006. 693, Sec. Was this document helpful? Added by Acts 1991, 72nd Leg., ch. September 1, 2015. Want High Quality, Transparent, and Affordable Legal Services? In this model, a buyer purchases the property at closing, much like he or she would with a traditional home purchase, often with little or no money upfront, according to the Federal Reserve Bank of Minneapolis. (2) amend the notice to reflect any change in the name or address of any payee included in the notice not later than the 30th day after the date the change occurs. This is true whether or not the executory contract was recorded. REQUEST FOR BALANCE AND TRUSTEE. As a purchaser of property in the residential community in which this property is located, you are obligated to be a member of a property owners' association. YOU ARE SELLING ALL OR A PORTION OF YOUR MINERAL OR ROYALTY INTERESTS. . 5.102 and amended by Acts 2001, 77th Leg., ch. 1, eff. (8) "Transfer" means the sale, gift, conveyance, assignment, inheritance, or other transfer of an ownership interest in real property. (Attach additional sheets if necessary): ______________________________. The vendee is protected from cancellation for nonpayment, however, since the statute pro- vides that the contract will be reinstated if the vendee makes up the default before expiration of the 30-day period. 1, eff. The notice may be given separately, as part of the contract during negotiations, or as part of any other notice the seller delivers to the purchaser. 5. (c) If an instrument that violates the rule against perpetuities may be reformed or construed under this section, a court shall enforce the provisions of the instrument that do not violate the rule and shall reform or construe under this section a provision that violates or might violate the rule. All forms provided by US Legal Forms, the nations leading legal forms publisher. NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT. September 1, 2019. 2118), Sec. 693, Sec. Property not platted and subdivided: If the property is not platted and subdivided to show exactly the part you are purchasing, you can cancel the contract at any time. (a) If a purchaser defaults after the purchaser has paid 40 percent or more of the amount due or the equivalent of 48 monthly payments under the executory contract or, regardless of the amount the purchaser has paid, the executory contract has been recorded, the seller is granted the power to sell, through a trustee designated by the seller, the purchaser's interest in the property as provided by this section. Sept. 1, 1991. This law also has a de minimis exception that excludes persons doing no more than three owner-financed transactions per year, at least so long as the seller-lender is not in the building business. Added by Acts 1997, 75th Leg., ch. 996 (H.B. Sec. Sept. 1, 2001. Amended by Acts 2003, 78th Leg., ch. (a) A seller of unimproved real property to be used for residential purposes shall provide to the purchaser of the property a written notice disclosing the location of a transportation pipeline, including a pipeline for the transportation of natural gas, natural gas liquids, synthetic gas, liquefied petroleum gas, petroleum or a petroleum product, or a hazardous substance. 17.01(42), eff. FORM. During this time, a late fee will be added with the amount already predetermined in the. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. Instead, the buyer must make direct monthly payments to the property owner. by David J. Willis J.D., LL.M. September 1, 2005. Acts 1983, 68th Leg., p. 3480, ch. (c) If proceeds under an insurance policy, binder, or other coverage are disbursed, the purchaser and seller shall ensure that the proceeds are used to repair, remedy, or improve the condition on the property. (c) If, however, the seller furnishes the notice at or before closing the purchase and sale contract and the purchaser elects to close even though the notice was not timely furnished before execution of the contract, it shall be conclusively presumed that the purchaser has waived all rights to terminate the contract under Subsection (b) or recover damages or other remedies or rights under Section 5.0145. (3) the private transfer fee obligation is void. Jan. 1, 1984. Terms in this set (10) In Texas, contracts for deed, lease-purchase agreements, and lease-option agreements are referred to as ______ contracts. Sec. (1) is a false, misleading, or deceptive act or practice within the meaning of Section 17.46, Business & Commerce Code, and is actionable in a public or private suit brought under Subchapter E, Chapter 17, Business & Commerce Code; and. (7) includes a statement at the top of the disclosure in a form substantially similar to the following: WARNING: ONE OR MORE RECORDED LIENS HAVE BEEN FILED THAT MAKE A CLAIM AGAINST THIS PROPERTY AS LISTED BELOW. It is a complete cancellation of a contract and may be allowed in certain circumstances. 1, eff. ADDITIONAL COMPLIANCE REQUIREMENT: TIMELY ACCEPTANCE OF FEES PAID UNDER EXISTING PRIVATE TRANSFER FEE OBLIGATIONS. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb. Public Health 42.423.510 Termination of contract by the Part D sponsor - last updated October 03, 2022 | https://codes.findlaw . The contract on affidavit terminating contract for deed form texas attorney on file. (2) delivers in person or sends by telegram or certified or registered mail, return receipt requested, to the purchaser a signed, written notice evidencing that the property has been subdivided or platted in accordance with state and local law. 311), Sec. DISCLOSURE IN OFFER TO PURCHASE MINERAL INTEREST. 710 Buffalo Street, Ste. PARTIAL CONVEYANCE. RECORDING OF NOTICE AT CLOSING. 5.069(a)(2) requires that the seller provide the purchaser with copies of liens, restrictive covenants, and easements affecting title to the property. This article explains "limited scope representation," which is one way to make hiring a private attorney more affordable. Because it was easy to induce tenant-buyers into such arrangements with a minimal down payment and easy to evict them using the forcible detainer process if they defaulted. In Texas, you won't find promulgated forms for executory contracts. (b) For purposes of this subchapter, the following payments are not considered private transfer fee obligations: (1) consideration paid by a purchaser to a seller for an interest in real property transferred, including, as applicable, a mineral interest transferred, including additional consideration paid to a seller for the property's appreciation, development, or sale after the interest in the property has been transferred to the purchaser, if the additional consideration is paid only once and that payment does not bind successors in interest to the property to any private transfer fee obligation; (2) a commission paid to a licensed real estate broker under a written agreement between a seller or purchaser and the broker, including an additional commission for the property's appreciation, development, or sale after the interest in property is transferred to the purchaser; (3) interest, a fee, a charge, or another type of payment to a lender under a loan secured by a mortgage on the property, including: (A) a fee payable for the lender's consent to an assumption of the loan or transfer of the property subject to the mortgage; (B) a fee or charge payable for an estoppel letter or certificate; (C) a shared appreciation interest or profit participation; or. 5.064 and amended by Acts 2001, 77th Leg., ch. Acts 2007, 80th Leg., R.S., Ch. It is important to understand the process of a contract for deed agreement. (d) If a contract is entered into without the seller providing the notice within the period required by Subsection (c), the purchaser may terminate the contract for any reason within seven days after the date the purchaser receives: (1) the notice described by Subsection (b) from the seller; or. 3. The term includes any firearm parts, firearm accessories, and firearm ammunition. Telephone: 713-255-4422 The vendors lien is for the amount of the unpaid contract price, less any lawful deductions, and may be enforced by foreclosure sale under Section 5.066 or by judicial foreclosure. See Tex. (3) provides that the interest conveyed vests in possession after the expiration or termination of all or a portion of the interest conveyed by an existing oil, gas, or mineral lease in effect at the time of the execution of the instrument, commonly referred to as a top lease. 5.062. Sec. Cancelling for any reason: When you sign, the seller must inform you of your right to cancel for any reason within 14 days of signing. When negotiating the terms of a Contract for Deed, purchasers and sellers are free to determine: the initial down payment which will be required, if any; the interest rate which will be charged on the unpaid balance of the purchase price, if any, the monthly payments which will be required, if any,