Tex. Nat. Resources Code Section 31.159
First Option to Purchase

(a)

The School Land Board has a first option to purchase real property authorized for sale by the legislature or the governor. The board may exercise its option by tendering cash for market value as mutually agreed on by the board and the state agency that owns the real property, but the purchase price may not be less than market value. For purposes of this section, the division may request more than one appraisal to determine market value. If the parties cannot agree on a value, the board and the state agency that owns the real property shall follow the procedures provided by Subsections (d) and (e). The board may not pay more than market value.

(b)

The division shall inform the School Land Board of the proposed sale and its first option to purchase state agency real property. If the board decides to exercise its option under this section, the division shall appoint an appraiser not later than the 30th day after the date the board notifies the division of its decision.

(c)

The School Land Board must complete the cash purchase not later than the 120th day after the date the board exercises its first option to purchase. If the School Land Board fails to complete the purchase within the time permitted, the division may extend the time for completing the purchase or disposing of the real property as authorized by the legislature or approved by the governor.

(d)

If the state agency that owns the real property disputes the market value, the School Land Board shall request a second appraisal. If the School Land Board fails to request a second appraisal, the division shall appoint a second appraiser not later than the 21st day after the date the state agency notifies the School Land Board that it disputes the market value. On completion of the second appraisal, the two appraisers shall meet promptly and attempt to reach agreement on the market value. If the two appraisers fail to reach agreement within 10 days of the meeting, the land office shall request a third appraiser to reconcile the two previous appraisals. The determination of value by the third appraiser may not be less than the lower or more than the higher of the first two appraisals. The market value determined by the third appraiser is final and binding on all parties.

(e)

The division may appoint an appraiser employed by the land office for the performance of any one of the required appraisals. Any other appraiser employed under this section must be selected in accordance with Subchapter A (Short Title), Chapter 2254 (Professional and Consulting Services), Government Code. The party requesting the appraisal shall award the appraisal services contract to the provider of professional services after considering the factors identified in Chapter 2254 (Professional and Consulting Services), Government Code. The division shall pay the expenses of appraisal.
Added by Acts 1985, 69th Leg., ch. 102, Sec. 2, eff. May 15, 1985. Amended by Acts 1985, 69th Leg., ch. 270, Sec. 5, eff. June 5, 1985; Acts 1987, 70th Leg., ch. 208, Sec. 11, eff. Aug. 31, 1987; Acts 1995, 74th Leg., ch. 76, Sec. 5.95(47), eff. Sept. 1, 1995; Acts 1997, 75th Leg., ch. 165, Sec. 17.19(18), eff. Sept. 1, 1997; Acts 2003, 78th Leg., ch. 1091, Sec. 19, eff. June 20, 2003.

Source: Section 31.159 — First Option to Purchase, https://statutes.­capitol.­texas.­gov/Docs/NR/htm/NR.­31.­htm#31.­159 (accessed Jun. 5, 2024).

31.001
Definitions 31.002
Exemption from Certain Real Estate Transaction Laws 31.011
Land Office Established 31.014
Commissioner’s Liability 31.015
Chief Clerk 31.016
Abstract Clerk 31.017
Receiver 31.018
Translator 31.019
Surveyors 31.021
Reimbursement for Notary Public Expense 31.051
General Duties 31.052
Custody of Records 31.053
Filing Papers 31.054
Public Access to and Removal of Papers 31.056
Revision, Compilation, and Printing of Abstracts 31.058
Receiving Funds 31.059
Receiver’s Books 31.062
Embezzlement 31.064
Setting and Collecting Fees 31.065
Authority to Accept Grants, Gifts, Devises, Trusts, and Bequests 31.066
Authority to Accept Title to a Site Following Completion of Remedial Action in Accordance with Federal Law 31.067
Authority to Sell Certain Agency Real Property 31.068
Standing to Enforce Restrictions 31.069
Indefinite Quantity Contracts for Services After Declared Natural Disaster 31.153
Real Property Accounting and Records 31.154
Real Property Inventory 31.155
Special Status of Certain Agencies 31.156
Real Property Review 31.157
Evaluation Report 31.158
Real Estate Transactions Authorized by Legislature 31.159
First Option to Purchase 31.161
Development Plan 31.162
Submission of the Plan to Affected Local Government 31.163
Rezoning 31.164
Fees and Assessments 31.165
Special Board of Review 31.166
Hearing 31.167
Binding Effect of Development Plan 31.307
Dedication of Roads 31.308
Conveyance of Surface and Subsurface Estate 31.309
Preference Right to Purchase Certain Real Property 31.401
Natural Gas Acquisition Contracts 31.402
Rules 31.450
Findings 31.451
Preservation and Maintenance of Alamo 31.452
Assistance from State Preservation Board 31.453
Agreement with Daughters of the Republic of Texas 31.454
The Alamo Complex Account 31.455
Alamo Preservation Advisory Board 31.0515
Duties Related to the Alamo Complex 31.0655
Save Texas History and Adopt-a-beach Programs 31.0671
Agency Authority to Sell or Exchange Real Property 31.0672
Authority to Conduct Certain Real Property Transactions 31.1571
Governor’s Report 31.1573
Real Estate Transactions Authorized by Governor 31.1581
Transfer of Real Property for Use as Affordable Housing 31.1582
Sale of Certain Mineral Interests 31.1585
Certain Proceeds 31.1611
Public Hearing Before Preparation of Development Plan
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Accessed:
Jun. 5, 2024

§ 31.159’s source at texas​.gov