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Broker’s Liens in Texas
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Broker’s And Appraiser’s Liens
In Texas, the Broker’s and Appraiser’s Lien on Commercial Real Estate Act (the “Act”), codified in Chapter 62 of the Texas Property Code, is intended to provide a Broker or Appraiser with a legal means to secure the payment of their commission arising from a commercial transaction by establishing a statutory lien on the property involved. By definition, a “Broker” is a person licensed as a broker under the Texas Occupations Code, and is not acting as a residential rental locator, or a person that is licensed or certified as a real estate appraiser under the Code.
In order for a Broker to obtain a perfected lien, their contract or fee agreement must be signed by the party with the real estate interest, or the party’s authorized agent, and must include very specific disclosures and notices. Failure to include these requirements could be fatal to the establishment of a lien under the Act.
What The Commercial Real Estate Act Means For Brokers
The Act gives Brokers the ability to secure their earned fees or commissions with a statutory lien. This lien attaches immediately upon the filing of a notice of the lien in the real property records of the county in which the property is located. In addition, notice should also be given to all parties involved. After notice of the filing is given, the escrow agents and parties to the transaction may not finalize the transaction until: (1) the lien is released by the Broker, (2) the buyer or tenant purchases or leases the property subject to the lien, or (3) funds to secure the disputed fee or commission are held in escrow.
The Farah Law Firm Can Help You Enforce Your Broker’s And Appraiser’s Liens
If perfected, the Broker’s and Appraiser’s Lien on Commercial Property can be a very powerful tool in securing earned fees or commissions. The real estate attorneys at The Farah Law Firm are available to draft your contracts and fee agreements or review existing documents to ensure that they comply to the specific requirements of the Act. Contact one of our real estate attorneys today to make certain that your right to earned fees or commissions are protected under the Broker’s and Appraiser’s Lien on Commercial Real Estate Act.
Our main law office is conveniently located in Mansfield, right in the middle of the Dallas-Fort Worth Metroplex.
What Our Clients Say About Us
EDDIE G.
“Michael, I would like to express my thanks to you and your entire team for all your hard work in getting my case to a fair and generous settlement. I could not have asked for better legal representation for the long and nerve-racking process of my case. You are very compassionate, nice, and extremely good at what you do. I respect your dedication representing the victims of a personal injury cases.”
TINA L.
“The Farah Law Firm has an extensive knowledge of business entity transactions in Texas and had kept my transaction moving smoothly and in the right direction. Thank you Michael for making the process easy.”
ESSAM K.
“Michael drafted the lease that we will use for our commercial building. He had great communication, was readily available to answer any questions we had, and was very professional. He wrote us a lease that fit our need and I will definitely work with The Farah Law Firm again in the future.”
CHARLES B.
“I hired The Farah Law Firm for the non-traditional sale of my residential property. The Farah Law Firm’s professionalism and outstanding knowledge of residential transactions made the sale go smoothly. The Attorneys and staff at the Farah Law Firm were understanding and took the time to explain each step of the process. They will be the ones who I will refer to all my friends and family for any future legal endeavors.”
LALO T.
*Please note: Due to the costs involved and the favorability of land in Texas per contract and common law, we currently are not accepting residential tenant defense cases.
“I was referred to The Farah Law Firm by a friend of mine when I was injured in an auto accident. I am so glad that my friend referred me to Michael and his extremely helpful team. They were not only successful in getting my settlement but also helped me find great doctors to aid in my recovery from the accident. I highly recommend The Farah Law Firm.”