Tex.
Prop. Code Section 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 (Waiver, Release, or Discharge of Lien; Assumption of Commission Obligation), rendered void under Section 62.026 (Notice of Filing) or 62.062 (Statute of Limitations), or extinguished under Section 62.031 (Change in Use of Real Estate).(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.
Source:
Section 62.081 — Release of Lien, https://statutes.capitol.texas.gov/Docs/PR/htm/PR.62.htm#62.081 (accessed Apr. 13, 2024).
