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Texas Statutes (Last Updated: January 4, 2014) |
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PROPERTY CODE |
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Title 5. EXEMPT PROPERTY AND LIENS |
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Subtitle B. LIENS |
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Chapter 62. BROKER'S AND APPRAISER'S LIEN ON COMMERCIAL REAL ESTATE |
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Subchapter B. BROKER'S LIEN |
Sec. 62.022. WAIVER, RELEASE, OR DISCHARGE OF LIEN; ASSUMPTION OF COMMISSION OBLIGATION
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(a) Except as provided by Subsection (b), the waiver of a broker's right to a lien under this chapter, or a release given for the purpose of releasing the broker's lien before the commission is satisfied or forgiven, is void.
(b) A broker's entitlement to a lien on the interest of an owner or tenant in commercial real estate shall be automatically waived if:
(1) the commission is earned and payable for services provided relating to a lease transaction; and
(2) the commission agreement is included as a provision of the lease agreement.
(c) A lien under this chapter is discharged by:
(1) a court order discharging the lien;
(2) paying the commission to the broker named in the commission agreement; or
(3) establishing an escrow account described by Subchapter F.
(d) A person who assumes an owner's or tenant's commercial real estate interest is bound by a commission agreement included in a lease agreement unless an escrow account is established under Subchapter F or a bond is provided under Subchapter G.
(e) This section does not affect the rights of a mortgagee who forecloses on commercial real estate and does not assume the lease on which a commission agreement is based.