Texas Natural Resources Code 31.1573 – Real Estate Transactions Authorized by Governor
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(a) The land office shall take charge and control of real property as necessary to conduct and close a real estate transaction authorized by the governor.
(b) The expenses incurred by the land office in conducting a real estate transaction, including the payment of reasonable brokerage fees, may be deducted from the proceeds of the transaction before the proceeds are deposited. The land office may adopt rules relating to the payment of reasonable brokerage fees.
Terms Used In Texas Natural Resources Code 31.1573
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
(c) Unless otherwise dedicated by the Texas Constitution, the proceeds of the transaction shall be deposited:
(1) to the credit of the Texas capital trust fund if the agency is eligible under Chapter 2201, Government Code, to participate in that fund;
(2) in the state treasury to the credit of the affected agency if the agency is not eligible under Chapter 2201, Government Code, to participate in the Texas capital trust fund; or
(3) notwithstanding Subdivisions (1) and (2), as otherwise directed under the procedures of Chapter 317, Government Code.
(d) The grant of an interest in real property owned by the state under this section must:
(1) comply with the requirements of § 31.158 to the extent the requirements do not conflict with a recommendation in the governor’s report under § 31.1571; and
(2) be conveyed by an instrument signed by the commissioner and, if the transaction was conducted under § 31.158(c)(7), by the governor.