Public-domain · open source
OpenJurist

Tex. Prop. Code § 62.104

REFUSAL TO ESTABLISH ESCROW ACCOUNT OR BOND

Known as the Broker's and Appraiser's Lien on Commercial Real Estate Act

The act spans §§ 62–62 (34 sections).

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

(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.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.