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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 F. ESCROW OF DISPUTED AMOUNTS |
Sec. 62.104. REFUSAL TO ESTABLISH ESCROW ACCOUNT OR BOND
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(a) A party may not refuse to close a transaction because of the requirement to establish an escrow account or bond as provided by Section 62.101 if:
(1) the broker provides a copy of the notice of lien that complies with Sections 62.025 and 62.026;
(2) sufficient proceeds will result from the proposed transaction for the payment of the commission and costs of the interpleader; and
(3) the broker executes and delivers a full release of the broker's lien in a recordable form.
(b) A prospective buyer of a commercial real estate interest may not refuse to close the purchase solely because a broker's lien is filed after the date a title commitment or abstract of title relating to the interest is issued if an escrow account is established as provided by this subchapter or a bond is filed as provided by Subchapter G.