Tex.
Local Gov't Code Section 379H.156
Redemption by Owner of Foreclosed Property
(a)
The owner of real property sold to a land bank under Section 379H.155 (Acquisition of Foreclosed or Seized Property) may redeem the property in the manner prescribed for owners of real property sold at a tax sale to a purchaser other than a taxing unit under Section 34.21 (Right of Redemption), Tax Code.(b)
The price to be paid by the owner of real property sold to a land bank under this section to redeem the property shall be in the amounts set forth in Sections 34.21 (Right of Redemption)(a) and (e), Tax Code. For the purposes of calculating the price, the bid paid by the land bank shall be the aggregate amount of the land bank’s bid as described by Section 379H.155 (Acquisition of Foreclosed or Seized Property)(b).(c)
If the owner of real property sold to a land bank under Section 379H.155 (Acquisition of Foreclosed or Seized Property) redeems the property by paying to the land bank the full amount required to redeem as set forth in Sections 34.21 (Right of Redemption)(a) and (e), Tax Code, the land bank shall:(1)
retain an amount equal to the amount paid in cash by the land bank in accordance with Section 379H.155 (Acquisition of Foreclosed or Seized Property);(2)
retain any redemption premium and any reasonable costs the land bank may have expended on maintenance or environmental remediation of the property being redeemed; and(3)
remit to the county assessor-collector any remaining amounts to be distributed among the taxing units that were parties to the judgment of foreclosure in an amount equal to the proportion of each taxing unit’s taxes, penalties, and interest due in accordance with the judgment of foreclosure.
Source:
Section 379H.156 — Redemption by Owner of Foreclosed Property, https://statutes.capitol.texas.gov/Docs/LG/htm/LG.379H.htm#379H.156 (accessed Jun. 5, 2024).
