LegalFix
Sign In

Section 23A.011. Report of Open-Market Sale

TX Prop § 23A.011 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Sec. 23A.011. REPORT OF OPEN-MARKET SALE. (a) Unless required to do so earlier by other law governing the partition of real property, a broker appointed under Section 23A.010(b) to offer heirs' property for open-market sale shall file a report with the court not later than the seventh day after the date an offer is received to purchase the property for at least the value determined under Section 23A.006 or 23A.010.

(b) The report required by Subsection (a) must contain the following information:

(1) a description of the property to be sold to each buyer;

(2) the name of each buyer;

(3) the proposed purchase price;

(4) the terms and conditions of the proposed sale, including the terms of any owner financing;

(5) the amounts to be paid to lienholders;

(6) a statement of contractual or other arrangements or conditions of the broker's commission; and

(7) other material facts relevant to the sale.

Added by Acts 2017, 85th Leg., R.S., Ch. 297 (S.B. 499), Sec. 1, eff. September 1, 2017.

Previous Section
Section 23A.010. Open-Market Sale, Sealed Bids, or Auction
Next Section
Section 23A.012. Uniformity of Application and Construction