Texas Petition for Release of Excess Proceeds and Notice of Hearing
About this form
The Petition for Release of Excess Proceeds is a legal document used in Texas to claim surplus money resulting from the sale of a property at a tax sale. Under Texas law, if a property is sold for more than the owed taxes, the former owner or entitled parties can file this petition to seek recovery of those excess proceeds. This form streamlines the process of distributing surplus funds, ensuring that claimants can appropriately request money that rightfully belongs to them.
Key components of this form
- Name of Petitioner: Identification of the individual filing the petition.
- Detail of Property: Information about the property sold, including location and legal description.
- Parties to Notify: A list of individuals or entities that must receive notice regarding the petition.
- Excess Proceeds Amount: The total excess funds resulting from the sale.
- Hearing Notice: Date and details regarding when the petition will be heard by the court.
When this form is needed
You should use the Petition for Release of Excess Proceeds when a property you previously owned has been sold at a tax sale, and there are excess funds remaining after the payment of owed taxes and fees. This petition must be filed within two years from the date of the sale, allowing you to claim the surplus amounts to which you are entitled.
Intended users of this form
- Former property owners seeking to reclaim excess funds after a tax sale.
- Taxing units or lienholders who have a legal claim to the surplus proceeds.
- Individuals or entities involved in the legal action regarding the seized property.
Completing this form step by step
- Identify and enter your name as the petitioner at the beginning of the form.
- Provide the details of the property, including billing and parcel numbers, as well as a legal description.
- List all parties that need to be notified about this petition along with their contact information.
- Clearly state the amount of excess proceeds you are claiming from the tax sale.
- Fill in the associated hearing date and ensure proper signatures are included.
Does this form need to be notarized?
In most cases, this form does not require notarization. However, some jurisdictions or signing circumstances might. US Legal Forms offers online notarization powered by Notarize, accessible 24/7 for a quick, remote process.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to file the petition within the two-year deadline after the tax sale.
- Not properly notifying all required parties before the hearing.
- Omitting critical details about the property or the amount being claimed.
Advantages of online completion
- Convenient access to legally vetted templates, ensuring compliance with Texas law.
- Easy customization for personal and property-specific details.
- Ability to download the form immediately after completion, saving time and effort.
Quick recap
- The Petition for Release of Excess Proceeds is essential for claiming surplus funds from a tax sale.
- Act quickly to file within the two-year limit.
- Ensure all parties involved are properly notified.
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FAQ
Surplus funds or surplus refer to the funds remaining after payment of all disbursements required by the final judgment of foreclosure and shown on the certificate of disbursements. as stated by the Florida Statute 45.032.Let's say you owed $100,000 on your mortgage, and it sold at a foreclosure sale for $175,000.
The lender has no claim to excess proceeds if a foreclosure sale ends in an overage. They can only recoup the amount of their lossesloan balance and associated costs. If their aren't any pending liens or judgments on the home, the borrower gets the overage. You have a right to claim the money.
If a foreclosure sale results in excess proceeds, the lender doesn't get to keep that money. The lender is entitled to an amount that's sufficient to pay off the outstanding balance of the loan plus the costs associated with the foreclosure and salebut no more.
In Foreclosure, Equity Remains YoursIf you cannot get new financing or sell the home, the lender can sell the home at auction for whatever price they choose. If the home does not sell at auction, the lender can sell the home through a real estate agent. Remember that equity is what you own of your home's value.
Banks are willing to negotiate foreclosures because they are losing money on the property when it sits vacant.Banks can negotiate directly with buyers without the assistance of a real estate agent. Because they own the property, banks can set the price for any value they deem acceptable.
Will I Get Money Back After a Foreclosure Sale? If a foreclosure sale results in excess proceeds, the lender doesn't get to keep that money. The lender is entitled to an amount that's sufficient to pay off the outstanding balance of the loan plus the costs associated with the foreclosure and salebut no more.
§ 33-727. This statute generally provides that proceeds from a mortgage foreclosure sale go first to creditors according to their priority, and only to the owner after creditors are paid in full.
(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.
