Petition For Excess Proceeds Foreclosure

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

Description

The Petition for Excess Proceeds Foreclosure is a legal document utilized under Section 34.04 of the Texas Property Tax Code to request the release of surplus funds following a tax sale of real property. This form is essential for individuals seeking the return of excess proceeds after the settlement of delinquent taxes and related costs from a property sale. It includes basic information about the petitioner, property details, and the amount of excess proceeds involved. Users must complete sections detailing parties to be notified, property descriptions, and the reasons for the petition. Key features of the form include a notice of hearing to inform parties involved about the court date, and a certificate of service to confirm notification to other parties. This form is invaluable for attorneys, paralegals, and legal assistants working on property tax issues, as it provides a structured framework for obtaining rightful funds efficiently. It serves a larger audience, including property owners who need to understand the steps for claiming excess proceeds after foreclosure.
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FAQ

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.

Trustees forward surplus funds to the state's unclaimed property division if they're not able to contact the prior homeowner(s). Californians may inquire about unclaimed surplus funds with the California State Controller at 1 (800) 992-4647. Remember: prior homeowners are notified of possible surplus funds via mail.

Section 34.04 - Claims for Excess Proceeds (a) A person, including a taxing unit and the Title IV-D agency, may file a petition in the court that ordered the seizure or sale setting forth a claim to the excess proceeds. The petition must be filed before the second anniversary of the date of the sale of the property.

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.

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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Petition For Excess Proceeds Foreclosure