Excess Proceeds Texas With Foreclosure

State:
Texas
Control #:
TX-03500BG
Format:
Word; 
Rich Text
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Description

The Petition for Release of Excess Proceeds and Notice of Hearing is a legal document used in Texas to claim excess proceeds from a tax sale of real property. This form is specifically designed under Section 34.04 of the Texas Property Tax Code, providing a structured way for petitioners to request the disbursement of funds remaining after a tax sale has settled. It includes essential details such as the names of the parties involved, a description of the property sold, and the amount of excess proceeds being claimed. Additionally, the form must list all parties entitled to notice and schedules a hearing to ensure transparency in the proceedings. Target users for this form include attorneys, paralegals, legal assistants, and property owners who might be navigating real estate law and tax sales in Texas. The form's utility lies in its clear instructions for filling out necessary information, ensuring that all legal requirements are met for a successful claim. Users should gather accurate property details and notify relevant parties as instructed. This form serves as a crucial tool for securing rightful funds, making it essential for anyone involved in the foreclosure process related to tax sales.
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How to fill out Texas Petition For Release Of Excess Proceeds And Notice Of Hearing?

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FAQ

(i) A fee charged by an attorney to obtain excess proceeds for an owner may not be greater than 25 percent of the amount obtained or $1,000, whichever is less. A person who is not an attorney may not charge a fee to obtain excess proceeds for an owner.

In most states, a foreclosure ends with a public auction where the property is sold to a new owner. When a foreclosure sale results in surplus funds (money over and above what's needed to pay off all the liens on the property), this extra money belongs to you (the homeowner), not the lender.

How to Claim Excess Tax Funds Gather the Required Documents. There are a number of documents that you'll need to gather and submit along with your claim form. ... Complete the Claim Form. Once you have your documents gathered, you can fill out the claim form. ... Submit Your Claim.

1. Excess Proceeds: If more than $25 is left from the foreclosure sale of your home after the lien and any costs are paid, you are entitled to claim that money. 2. Time Limits: You must file a claim for excess proceeds within two years of the sale of the property.

EXCESS PROCEEDS RULES Tax delinquent properties are sold in a Tax Foreclosure sale each month in each Texas county. If the property is sold for more than the amount of taxes owed the various taxing agency, the excess amount remains in the county unless the previous owner petitions for their money.

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Excess Proceeds Texas With Foreclosure