By: Carona S.B. No. 1631
Substitute the following for S.B. No. 1631:
By: Zedler C.S.S.B. No. 1631
A BILL TO BE ENTITLED
AN ACT
relating to certain lot owners' right to redemption following
certain foreclosure sales.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 209.011(e), Property Code, is amended to
read as follows:
(e) To redeem property purchased at the foreclosure sale by
a person other than the property owners' association, the lot
owner:
(1) must pay to the association:
(A) all amounts due the association at the time
of the foreclosure sale less the foreclosure sales price received
by the association from the purchaser;
(B) interest from the date of the foreclosure
sale through the date of redemption on all amounts owed the
association at the rate stated in the dedicatory instruments for
delinquent assessments or, if no rate is stated, at an annual
interest rate of 10 percent;
(C) costs incurred by the association in
foreclosing the lien and conveying the property to the redeeming
lot owner, including reasonable attorney's fees;
(D) any unpaid assessments levied against the
property by the association after the date of the foreclosure sale;
and
(E) taxable costs incurred in a proceeding
brought under Subsection (a); and
(2) must pay to the person who purchased the property
at the foreclosure sale:
(A) any assessments levied against the property
by the association after the date of the foreclosure sale and paid
by the purchaser;
(B) the purchase price paid by the purchaser at
the foreclosure sale;
(C) the amount of the deed recording fee;
(D) the amount paid by the purchaser as ad
valorem taxes, penalties, and interest on the property after the
date of the foreclosure sale; [and]
(E) taxable costs incurred in a proceeding
brought under Subsection (a); and
(F) if the lot is wholly or partly located in a
county with a population of less than 3.4 million, any mortgage
payments made by the purchaser.
SECTION 2. Section 209.011(e), Property Code, as amended by
this Act, applies only to a foreclosure that occurs on or after the
effective date of this Act. A foreclosure that occurs before the
effective date of this Act is governed by the law in effect
immediately before the effective date of this Act, and the former
law is continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2005.