Texas Property Code - Section 62.104. Refusal To Establish Escrow Account Or Bond
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Texas Laws > Property Code > Texas Property Code - Section 62.104. Refusal To Establish Escrow Account Or Bond
§ 62.104. REFUSAL TO ESTABLISH ESCROW ACCOUNT OR
BOND. (a) A party may not refuse to close a transaction because of
the requirement to establish an escrow account or bond as provided
by Section 62.101 if:
(1) the broker provides a copy of the notice of lien
that complies with Sections 62.025 and 62.026;
(2) sufficient proceeds will result from the proposed
transaction for the payment of the commission and costs of the
interpleader; and
(3) the broker executes and delivers a full release of
the broker's lien in a recordable form.
(b) A prospective buyer of a commercial real estate interest
may not refuse to close the purchase solely because a broker's lien
is filed after the date a title commitment or abstract of title
relating to the interest is issued if an escrow account is
established as provided by this subchapter or a bond is filed as
provided by Subchapter G.
Added by Acts 1999, 76th Leg., ch. 1571, § 1, eff. Aug. 30, 1999.
Section: 62.061 62.062 62.063 62.081 62.101 62.102 62.103 62.104 62.105 62.106 62.121 62.122 62.123 62.124 62.125
Last modified: August 11, 2007
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