Texas Property Code 29.004 – Court-Ordered Sale
Terms Used In Texas Property Code 29.004
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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.
On completion of the hearing on a petition filed under § 29.002, if the court is satisfied that the petitioner has made the requisite proof under § 29.003, the court shall enter an order that divests the defendant‘s interest in the real property that is the subject of the petition and that orders the petitioner to pay to the defendant an amount computed by subtracting the outstanding amount of money the defendant owes to the petitioner for payment of the defendant’s share of ad valorem taxes imposed on the property from the fair market value of the defendant’s interest in the property as determined by an independent appraiser appointed by the court. The court’s order may also direct the defendant to execute and deliver to the petitioner a deed that conveys to the petitioner the defendant’s interest in the property.