Sec. 34.04 of the Texas Tax Code provides in part as follows:
(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. The petition is not required to be filed as an original suit separate from the underlying suit for seizure of the property or foreclosure of a tax lien on the property but may be filed under the cause number of the underlying suit.
(b) A copy of the petition shall be served, in the manner prescribed by Rule 21a, Texas Rules of Civil Procedure, as amended, or that rule's successor, on all parties to the underlying action not later than the 20th day before the date set for a hearing on the petition.
(c) At the hearing the court shall order that the proceeds be paid according to the following priorities to each party that establishes its claim to the proceeds:
(1) to the tax sale purchaser if the tax sale has been adjudged to be void and the purchaser has prevailed in an action against the taxing units under Section 34.07(d) by final judgment;
(2) to a taxing unit for any taxes, penalties, or interest that have become due or delinquent on the subject property subsequent to the date of the judgment or that were omitted from the judgment by accident or mistake;
(3) to any other lienholder, consensual or otherwise, for the amount due under a lien, in accordance with the priorities established by applicable law;
(4) to a taxing unit for any unpaid taxes, penalties, interest, or other amounts adjudged due under the judgment that were not satisfied from the proceeds from the tax sale; and
(5) to each former owner of the property, as the interest of each may appear.
(d) Interest or costs may not be allowed under this section.
(e) An order under this section is appealable.
Mesquite Texas Petition for Release of Excess Proceeds and Notice of Hearing
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How to fill out Texas Petition For Release Of Excess Proceeds And Notice Of Hearing?
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FAQ
To claim surplus funds in Texas, you will need to file the appropriate legal documents, including a Mesquite Texas Petition for Release of Excess Proceeds and Notice of Hearing. This petition outlines your claim and allows the court to review the details of your case. It is advisable to gather all necessary documentation to support your claim, such as proof of ownership or a sale receipt. Utilizing services like uslegalforms can simplify this process and guide you through the necessary steps.
In Texas, unclaimed funds are generally held indefinitely until a claim is made. The state maintains these funds with the aim of reuniting them with their rightful owners. When filing a Mesquite Texas Petition for Release of Excess Proceeds and Notice of Hearing, it is important to act promptly to avoid any complications. The sooner you initiate your claim, the better your chances of reclaiming your surplus funds.
Filing for excess proceeds in Texas requires you to submit a legal petition to the court after the foreclosure sale. Specifically, the Mesquite Texas Petition for Release of Excess Proceeds and Notice of Hearing outlines the necessary steps and information needed. Using platforms like U.S. Legal Forms can simplify this process and ensure you meet all legal requirements.
To claim excess proceeds in Texas, you need to file a claim with the court that oversaw your foreclosure. This usually involves submitting the Mesquite Texas Petition for Release of Excess Proceeds and Notice of Hearing along with required documentation. If you follow the guidelines provided by U.S. Legal Forms, you can properly navigate this process and secure your funds.
In Texas, the redemption period after a foreclosure is usually 180 days for homeowners. This means that if your home was sold at a foreclosure auction, you have this period to reclaim your property by paying off the mortgage. Understanding the Mesquite Texas Petition for Release of Excess Proceeds and Notice of Hearing can help clarify your options during this time.
Surplus funds from a foreclosure can go to various parties depending on the situation. Typically, the homeowner is eligible to claim this surplus if they submit the appropriate documents. By filing the Mesquite Texas Petition for Release of Excess Proceeds and Notice of Hearing, you take the first step towards securing your rightful funds.
Excess funds from a foreclosure are generally considered taxable income. When you receive surplus proceeds after a foreclosure sale, the IRS may require you to report this amount on your tax return. However, you can consult a tax professional to understand how the Mesquite Texas Petition for Release of Excess Proceeds and Notice of Hearing applies to your specific situation.
When your property is sold for back taxes in Texas, any excess proceeds from the sale may be available for claim. This typically happens after settling the owed taxes and costs associated with the sale. Filing a Mesquite Texas Petition for Release of Excess Proceeds and Notice of Hearing allows you to formally request these leftover funds. Ensuring compliance with the legal requirements is vital for a successful outcome.
A petition for release of excess proceeds in Texas is a formal request made to the court for the distribution of surplus funds remaining after a foreclosure sale. Filing this petition initiates a legal process where the court reviews your claims. It is critical to include detailed supporting documentation when submitting a Mesquite Texas Petition for Release of Excess Proceeds and Notice of Hearing. This ensures that your claim is well-founded and increases your chances of success.
The redemption period in Texas typically lasts from 6 months to 2 years, depending on the property type and the circumstances surrounding the sale. During this time, former owners may reclaim their property by paying off the debt and any accrued costs. Knowing this period is essential, especially when considering the implications of the Mesquite Texas Petition for Release of Excess Proceeds and Notice of Hearing. This understanding can protect your rights and options.
