Enrolled Bill Summary

            House Bill 1052 amends the Property Code to create the Broker's and Appraiser's Lien on Commercial Real Estate Act. The act authorizes a commercial real estate broker or appraiser to secure the payment of a broker's commission earned from a commercial real estate transaction by placing a lien on the property involved. The act establishes requirements governing the filing, notice, priority, subordination, and release of such liens and permits a broker to bring suit in a county court to foreclose the lien. The act also requires the establishment of an escrow account for unpaid commissions if a claim for a lien would prevent the closing or conveyance of a transaction and provides for the filing of a bond to indemnify against the lien. House Bill 1052 establishes a statute of limitations for when a broker must bring suit to foreclose on a lien and sets out tenant or owner remedies in the event of a lawsuit concerning a broker's fee.