§ 62.081 — RELEASE OF LIEN.

Texas § 62.081

• Jurisdiction: Texas
• Code PR: Property Code

Text

Sec. 62.081. RELEASE OF LIEN. (a) Not later than the fifth day after the date a broker receives a written request from the owner of a commercial real estate interest on which a lien is claimed, the broker shall furnish to the owner a release of indebtedness and any lien claimed if:
(1) the debt that is the basis for the lien is satisfied; or
(2) the lien is discharged under Section 62.022 , rendered void under Section 62.026 or 62.062 , or extinguished under Section 62.031 .
(b) When a condition occurs that would preclude the broker from receiving a commission under the terms of the commission agreement that is the basis for the lien, the broker shall, not later than the 10th day after the date the broker receives a written request from the owner of the commercial real estate interest on which the lien is claimed, furnish to the owner a release of indebtedness and any lien claimed.
(c) Not later than the 10th day after the date a broker receives a written request for the release of the broker's lien from the escrow agent responsible for closing the purchase and sale of a commercial real estate interest on which the lien is claimed, the broker shall furnish to the escrow agent a release of indebtedness and any lien claimed if:
(1) the commercial real estate interest to which the lien attaches is subject to a contract for purchase and sale;
(2) the release of indebtedness and any lien claimed is conditioned on the closing of the transaction; and
(3) the broker would otherwise be obligated to release the indebtedness and any lien claimed under Subsection (a) or (b) on the closing of the transaction.
(d) A release of lien must be in a form that permits the instrument to be filed of record.
SUBCHAPTER F. ESCROW OF DISPUTED AMOUNTS

Legislative History

Added by Acts 1999, 76th Leg., ch. 1571, Sec. 1, eff. Aug. 30, 1999.