Texas Property Code

§ 62.104 — REFUSAL TO ESTABLISH ESCROW ACCOUNT OR BOND

PR § 62.104Title 5. EXEMPT PROPERTY AND LIENS · Part B. LIENS · Ch. 62. BROKER'S AND APPRAISER'S LIEN ON COMMERCIAL REAL ESTATE · Art. F. ESCROW OF DISPUTED AMOUNTS

Statute text

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(a)A party may not refuse to close a transaction because of the requirement to establish an escrow account or bond as provided by Section 62.101 if:

(1)the broker provides a copy of the notice of lien that complies with Sections 62.025 and 62.026;

(2)sufficient proceeds will result from the proposed transaction for the payment of the commission and costs of the interpleader; and

(3)the broker executes and delivers a full release of the broker's lien in a recordable form.

(b)A prospective buyer of a commercial real estate interest may not refuse to close the purchase solely because a broker's lien is filed after the date a title commitment or abstract of title relating to the interest is issued if an escrow account is established as provided by this subchapter or a bond is filed as provided by Subchapter G.

Legislative history

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