Texas Property Code
§ 23A.010 — OPEN-MARKET SALE, SEALED BIDS, OR AUCTION
PR § 23A.010Title 4. ACTIONS AND REMEDIES · Ch. 23A. UNIFORM PARTITION OF HEIRS' PROPERTY ACT
Statute text
View on source(a)If the court orders a sale of heirs' property, the sale must be an open-market sale unless the court finds that a sale by sealed bids or at an auction would be more economically advantageous and in the best interest of the cotenants as a group.
(b)If the court orders an open-market sale and the parties, not later than the 10th day after the date the order is entered, agree on a real estate broker to offer the property for sale, the court shall appoint the broker and establish a reasonable commission. If the parties do not agree on a broker, the court shall appoint a disinterested real estate broker to offer the property for sale and shall establish a reasonable commission. The broker shall offer the property for sale in a commercially reasonable manner at a price no lower than the determination of value and on the terms and conditions established by the court.
(c)If the broker appointed under Subsection (b) obtains within a reasonable time an offer to purchase the property for at least the determination of value:
(1)the broker shall comply with the reporting requirements of Section 23A.011; and
(2)the sale may be completed in accordance with state law other than this chapter.
(d)If the broker appointed under Subsection (b) does not obtain within a reasonable time an offer to purchase the property for at least the determination of value, the court, after hearing, may:
…
Legislative history
Added by Acts 2017, 85th Leg., R.S., Ch. 297 (S.B. 499), Sec. 1, eff. September 1, 2017.