Texas Natural Resources Code
§ 31.1573 — REAL ESTATE TRANSACTIONS AUTHORIZED BY GOVERNOR
NR § 31.1573Title 2. PUBLIC DOMAIN · Part C. ADMINISTRATION · Ch. 31. GENERAL LAND OFFICE · Art. E. REAL PROPERTY ACCOUNTING AND MANAGEMENT
Statute text
View on source(a)The land office shall take charge and control of real property as necessary to conduct and close a real estate transaction authorized by the governor.
(b)The expenses incurred by the land office in conducting a real estate transaction, including the payment of reasonable brokerage fees, may be deducted from the proceeds of the transaction before the proceeds are deposited. The land office may adopt rules relating to the payment of reasonable brokerage fees.
(c)Unless otherwise dedicated by the Texas Constitution, the proceeds of the transaction shall be deposited:
(1)to the credit of the Texas capital trust fund if the agency is eligible under Chapter 2201, Government Code, to participate in that fund;
(2)in the state treasury to the credit of the affected agency if the agency is not eligible under Chapter 2201, Government Code, to participate in the Texas capital trust fund; or
(3)notwithstanding Subdivisions (1) and (2), as otherwise directed under the procedures of Chapter 317, Government Code.
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Legislative history
Acts 2015, 84th Leg., R.S., Ch. 3 (S.B. 903), Sec. 1, eff. September 1, 2015.