A broker must release the debt and any lien claimed on commercial real estate within 5 or 10 days after a proper written request, if the stated conditions are met.
Sec. 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, rendered void under Section 62.026 or 62.062, or extinguished under Section 62.031. (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. Added by Acts 1999, 76th Leg., ch. 1571, Sec. 1, eff. Aug. 30, 1999. SUBCHAPTER F. ESCROW OF DISPUTED AMOUNTS