Texas Property Code 29.001 – Application of Chapter
Terms Used In Texas Property Code 29.001
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Decedent: A deceased person.
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- 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.
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Year: means 12 consecutive months. See Texas Government Code 311.005
This chapter applies only to real property that is not exempt from forced sale under the constitution or laws of this state and is:
(1) received by a person as a result of the death of another person:
(A) by inheritance;
(B) under a will;
(C) by a joint tenancy with a right of survivorship; or
(D) by any other survivorship agreement in which the interest of the decedent passes to a surviving beneficiary other than an agreement between spouses for community property with a right of survivorship; or
(2) owned in part by a nonprofit organization that is exempt from federal income tax under Section 501(a), Internal Revenue Code of 1986, and its subsequent amendments, by being listed as an exempt organization under Section 501(c)(3), Internal Revenue Code of 1986, and its subsequent amendments, that:
(A) has been incorporated in this state for at least one year;
(B) has a corporate purpose to develop affordable housing that is stated in the articles of incorporation or charter;
(C) has at least one-fourth of its board of directors residing in the county in which the property is located; and
(D) engages primarily in the building, repair, rental, or sale of housing for low-income individuals or families.