Texas Petition For Release Of Excess Proceeds With Anti Addition

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

Description

The Texas Petition for Release of Excess Proceeds with Anti Addition is a legal form utilized by individuals seeking the distribution of excess funds resulting from a tax sale of real property. This petition is filed under Section 34.04 of the Texas Property Tax Code, and serves to guide the petitioner in formally requesting the release of any surplus proceeds deposited with the court after all dues to taxing authorities are settled. Key features of the form include sections for listing involved parties, the details of the tax sale, and the amount of excess proceeds being claimed. The form also includes a notice of hearing section and a certificate of service to ensure all parties are properly informed. Filling out this form requires basic information about the property, the petitioner, and compliance with court procedures. Ideal for use by attorneys, legal assistants, paralegals, and others involved in property and tax law, it allows them to efficiently navigate the legal landscape regarding excess proceeds claims. The structured format makes it accessible for users with varying levels of legal knowledge, thereby supporting effective legal practice in Texas.
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FAQ

(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.

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.

In Texas, the redemption period is generally two years. This redemption period applies to residential homestead properties and land designated for agricultural use when the suit was filed. Other types of properties have a 180-day redemption period. (Tex.

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.

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Texas Petition For Release Of Excess Proceeds With Anti Addition