Texas Petition For Release Of Excess Proceeds Without Penalty

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

Description

The Texas Petition for Release of Excess Proceeds Without Penalty is a legal form used to request the distribution of excess funds resulting from a tax sale of real property. Under Section 34.04 of the Texas Property Tax Code, petitioners can seek recovery of funds that were deposited with the court following the sale of property for unpaid taxes. This document outlines the necessary details, including the parties entitled to notice, the particulars of the property sold, and the amount of excess proceeds. It also includes a section for scheduling a hearing and certifying service to involved parties. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate and tax law, as it helps streamline the process of obtaining excess tax sale proceeds. It provides clarity on procedural steps and ensures compliance with statutory requirements. By utilizing this form, legal professionals can effectively represent their clients' interests in recovering owed funds after a tax sale conclusion.
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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.

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.

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.

(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.

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Texas Petition For Release Of Excess Proceeds Without Penalty