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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) The payee of record on the date a private transfer fee is paid under a private transfer fee obligation subject to Section 5.203 must accept the payment on or before the 30th day after the date the payment is tendered to the payee.
(b) If the payee of record fails to comply with Subsection (a):
(1) the payment must be returned to the remitter;
(2) payment of the private transfer fee may not be a requirement for the conveyance of an interest in the property to a purchaser; and
(3) the property is not subject to further obligation under the private transfer fee obligation.
Cite this article: FindLaw.com - Texas Property Code - PROP § 5.204. Additional Compliance Requirement: Timely Acceptance of Fees Paid Under Existing Private Transfer Fee Obligations - last updated January 01, 2024 | https://codes.findlaw.com/tx/property-code/prop-sect-5-204/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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