Texas Petition For Release Of Excess Proceeds Form

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

Description

The Texas petition for release of excess proceeds form is a legal document used to reclaim surplus funds resulting from the sale of real property due to tax foreclosure. This form is vital for individuals seeking to recover excess proceeds deposited with the court following a tax sale. Key features of the form include sections for detailing the petitioner’s information, the property undergoing foreclosure, and the amount of excess proceeds owing. It also requires a notice of hearing and a certification of service to notify involved parties. Filling out this form involves clearly stating the details of the property, listing the parties entitled to notice, and specifying the amount of excess proceeds being claimed. The target audience for this form includes attorneys, partners, owners, associates, paralegals, and legal assistants who may assist clients in navigating post-tax sale recovery processes. Attorneys can utilize this form to facilitate the reclaiming process for clients, while paralegals and legal assistants may support with document preparation and ensuring compliance with service requirements. Overall, the Texas petition for release of excess proceeds form provides a structured approach for individuals to recover rightful funds after a tax sale.
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FAQ

After the foreclosure sale, if the property sells for a higher price than what is owed, the excess funds would then be used to pay off any additional liens that may be on the property.

After the foreclosure sale, if the property sells for a higher price than what is owed, the excess funds would then be used to pay off any additional liens that may be on the property.

To recover surplus money from a foreclosure sale, claimants must act quickly. There will be a limited window for you to recover the funds. You'll also need to provide proof of prior ownership to the trustee or the court. You may also have to complete and submit a claim form and/or attend a court hearing.

(a) A person, including a taxing unit, 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.

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Texas Petition For Release Of Excess Proceeds Form