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.
Beaumont 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
A petition for excess proceeds in Texas is a legal document filed to request the release of funds resulting from a property sale, notably following a foreclosure auction. The Beaumont Texas Petition for Release of Excess Proceeds and Notice of Hearing outlines your claim to these funds, detailing your rights as the former property owner or other claimants. Filing this petition is a vital step in reclaiming what is yours, and resources such as US Legal Forms can provide you with essential templates and instructions to guide you through the process.
Yes, in Texas, attorney fees can be recoverable if you successfully claim excess proceeds through a Beaumont Texas Petition for Release of Excess Proceeds and Notice of Hearing. This means that if your case is successful, the court may order the recovery of legal fees as part of the judgment. It is essential to consult with your attorney to understand the likelihood of recovering these fees and how to structure your petition accordingly. Engaging legal professionals early on can enhance your chances of a favorable outcome.
In Texas, the law regarding excess proceeds pertains to the funds left after a property is sold at a foreclosure auction. The Beaumont Texas Petition for Release of Excess Proceeds and Notice of Hearing governs how these often-abandoned funds can be claimed by the original property owner or other entitled parties. This legislation is designed to ensure that owners receive what is rightfully theirs, creating a fair process for accessing these funds. Familiarizing yourself with this law can help you effectively navigate your case.
To file for excess proceeds in Texas, you must complete the Beaumont Texas Petition for Release of Excess Proceeds and Notice of Hearing. This petition allows you to request the funds that remain after a property sale, typically from a foreclosure auction. After preparing your petition, you will need to file it with the appropriate court and serve notice to any interested parties. Using a platform like US Legal Forms can simplify this process by providing you with the necessary forms and guidance.
To claim surplus funds from foreclosure in Texas, you need to file a Beaumont Texas Petition for Release of Excess Proceeds and Notice of Hearing. This legal document helps you request the return of surplus funds after the sale has occurred. You’ll typically need to provide necessary documentation, such as proof of ownership and the amount of surplus. Using platforms like US Legal Forms streamlines this process, providing you with templates to complete your petition effectively.
Surplus funds from a foreclosure sale may be subject to taxation, depending on your specific situation. Generally, if you receive excess proceeds, you might need to report it as income. It's essential to consult a tax professional to understand how these funds affect your tax obligations. You can also explore the Beaumont Texas Petition for Release of Excess Proceeds and Notice of Hearing to navigate this process easily.
To claim excess proceeds in Texas, you need to file a Beaumont Texas Petition for Release of Excess Proceeds and Notice of Hearing. This process involves gathering required documentation, such as proof of ownership and evidence of the foreclosure. Once your petition is filed, you may need to attend a hearing where a judge will review your case. By understanding this process and utilizing the resources available through uslegalforms, you can confidently navigate claiming your rightful funds.