Texas Local Government Code 232.158 – Sale of Property
(a) A sale under this subchapter must be made by:
(1) public auction;
(2) sealed bid; or
(3) sealed proposal.
(b) Before a sale may take place under this subchapter, the receiver must publish notice of the proposed sale before the 60th day before the date the sale is to be held and again before the 30th day before the date the sale is to be held. The notice must be published in English and Spanish in a newspaper of general circulation in the county in which the real property is located. The notice must:
(1) clearly identify the property to be sold;
(2) specify the procedures and date for the public auction, sealed bid, or sealed proposal method of sale;
(3) state the minimum bid for the property, if any;
(4) state any specific financial terms of sale imposed by the receiver; and
(5) describe the restrictions, conditions, and limitations on the use of the property that the receiver has determined are appropriate, other than the restrictions, conditions, and limitations provided by other law.
Terms Used In Texas Local Government Code 232.158
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) In addition to the notice required by Subsection (b), to maximize the price at which the property is sold and the number of bidders, the receiver shall exercise best efforts to provide notice of the proposed sale to those persons who may have the business expertise, financial capability, and interest in developing the property, including local, state, and national trade associations whose members are development, real estate, or financial professionals.
(d) On the closing of a sale of property under this subchapter, fee simple title shall be vested in the purchaser.
(e) The receiver may reject any and all offers. If the receiver rejects all offers, the receiver may subsequently reoffer the same property for sale, reorganize the property and offer the property for sale, or combine all or part of the property with other property and offer the combined property for sale.
(f) If the procedures in this section are followed and a sale occurs, the sale price obtained for the property is conclusive as to the fair market value of the property at the time of the sale.