Texas Property Code

§ 62.081 — RELEASE OF LIEN

PR § 62.081Title 5. EXEMPT PROPERTY AND LIENS · Part B. LIENS · Ch. 62. BROKER'S AND APPRAISER'S LIEN ON COMMERCIAL REAL ESTATE · Art. E. RELEASE OF LIEN

Statute text

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(a)Not later than the fifth day after the date a broker receives a written request from the owner of a commercial real estate interest on which a lien is claimed, the broker shall furnish to the owner a release of indebtedness and any lien claimed if:

(1)the debt that is the basis for the lien is satisfied; or

(2)the lien is discharged under Section 62.022, rendered void under Section 62.026 or 62.062, or extinguished under Section 62.031.

(b)When a condition occurs that would preclude the broker from receiving a commission under the terms of the commission agreement that is the basis for the lien, the broker shall, not later than the 10th day after the date the broker receives a written request from the owner of the commercial real estate interest on which the lien is claimed, furnish to the owner a release of indebtedness and any lien claimed.

(c)Not later than the 10th day after the date a broker receives a written request for the release of the broker's lien from the escrow agent responsible for closing the purchase and sale of a commercial real estate interest on which the lien is claimed, the broker shall furnish to the escrow agent a release of indebtedness and any lien claimed if:

(1)the commercial real estate interest to which the lien attaches is subject to a contract for purchase and sale;

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Legislative history

Added by Acts 1999, 76th Leg., ch. 1571, Sec. 1, eff. Aug. 30, 1999.