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Texas Property Code - PROP § 62.022. Waiver, Release, or Discharge of Lien; Assumption of Commission Obligation

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Texas Property Code - PROP § 62.022. Waiver, Release, or Discharge of Lien; Assumption of Commission Obligation - last updated January 01, 2024 | https://codes.findlaw.com/tx/property-code/prop-sect-62-022/

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