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.
Dallas 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 from foreclosure in Texas, you must file a Dallas Texas Petition for Release of Excess Proceeds and Notice of Hearing. This legal document allows you to request any additional funds remaining after the foreclosure sale. After submitting your petition, a hearing will be scheduled where a judge will review your claim. Utilize resources like USLegalForms to simplify the process and ensure that you meet all legal requirements for your petition.
A surplus payout occurs when a property sells for more than the amount owed on its mortgage or other liens. In such cases, the excess funds left after settling debts can be returned to the former property owner or interested parties. The Dallas Texas Petition for Release of Excess Proceeds and Notice of Hearing is crucial for claiming these funds, ensuring you navigate the legal process effectively. Our platform, US Legal Forms, provides the necessary documents and guidance to assist you in retrieving your surplus payout with ease.
Filing a claim for surplus in Texas involves a few simple steps. Start by preparing a Dallas Texas Petition for Release of Excess Proceeds and Notice of Hearing, including all necessary paperwork to support your claim. Once submitted, you will be informed about the next steps, allowing you to pursue the funds due to you.
To file for excess proceeds in Texas, begin by completing a Dallas Texas Petition for Release of Excess Proceeds and Notice of Hearing. Ensure you have all relevant documents, including identification and proof of claim on the sale. Submitting your petition accurately and on time will help you process your claim efficiently.
In Texas, the law surrounding excess proceeds is designed to protect property owners’ rights after a foreclosure sale. The regulations stipulate how long proceeds are held and the process for filing a claim. Utilizing a Dallas Texas Petition for Release of Excess Proceeds and Notice of Hearing is an effective way to navigate these laws and reclaim your funds.
Excess sale proceeds are the funds that remain after a property is sold at auction for an amount that exceeds the debts owed on it. These proceeds may belong to the former property owner, and understanding this concept is crucial. Filing a Dallas Texas Petition for Release of Excess Proceeds and Notice of Hearing can help you claim your rightful share.
Texas holds unclaimed funds for a specific period, which varies based on the type of proceeds. Generally, surplus funds from a property sale may remain unclaimed for several years. However, if you wish to access these funds, you should take action promptly by filing a Dallas Texas Petition for Release of Excess Proceeds and Notice of Hearing.
To claim surplus funds in Texas, you need to file a Dallas Texas Petition for Release of Excess Proceeds and Notice of Hearing with the court. This process typically involves gathering necessary documentation that proves your entitlement to the funds, such as proof of identity and the reason for your claim. After submitting your petition, wait for a notice of hearing to be scheduled, allowing you to present your case.
The redemption period in Texas is generally 6 months after a foreclosure sale, during which the former owner can reclaim their property by paying off their debt. However, if the property is a homestead or an agricultural property, this period may extend to up to 2 years. Understanding this timeframe is crucial for anyone involved in a foreclosure. If you find yourself dealing with this situation, consider consulting the Dallas Texas Petition for Release of Excess Proceeds and Notice of Hearing to explore your options.
To recover your surplus funds in Texas, you will need to file a petition for excess proceeds, which formally requests the release of these funds. This process typically involves submitting necessary documentation and attending a court hearing. Completing a Dallas Texas Petition for Release of Excess Proceeds and Notice of Hearing is a key step in this recovery process. If you require assistance, uslegalforms offers helpful resources to guide you.