Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Is this highlighted section correct? The Texas Finance Code defines a property tax loan as follows: (2) Property tax loan means an advance of money:

image text in transcribed

Is this highlighted section correct?

image text in transcribed
The Texas Finance Code defines a property tax loan as follows: (2) "Property tax loan" means an advance of money: (A) in connection with a transfer of lien under Section 32.06, Tax Code, or a contract under Section 33.065, Tax Code; B) in connection with which the person making the transfer arranges for the payment, with a property owner's written consent, of property taxes and related closing costs on behalf of the property owner in accordance with Section 32.06, Tax Code; and (C) that is secured by a special lien against property transferred from a taxing unit to the property tax lender and which may be further by the lien or security interest created by a I deed of trust, security deed, or other security instrument. Tex. Finance Code $ 351.002(2). A property tax lender, in making such a loan, obtains a priority lien on the property. Id. at (2)(B); see also Tex. Tax Code $ 32.05(a) ("A tax lien on real property takes priority over a homestead interest in the property."). The average amount of a property tax loan is about $ 12,000. Ex. E (Property Tax Lending Consolidated Volume Report Calendar Year 2014). B. Property tax lenders' use of discount points leading to the adoption of 7 Tex. Admin. Code S 89.601(d)(1)-(6)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Land Law

Authors: Mark Davys

11th Edition

1352005190, 978-1352005196

More Books

Students also viewed these Law questions