How To Confiscate & Sell Assets To Collect Your Texas Judgment
Texas definitely is a tricky state in which to collect a judicial money judgment
. But, it is not impossible to do so. Although Texas does forbid many types of collection strategies used in other states, it does permit the use of a writ of execution.The writ of execution is simply an order enabling the judgment creditor to seize any non-exempt property of the judgment debtor and sell it. The proceeds of the sale are subsequently applied to payment of the outstanding judgment.
There are, of course, several distinct types of property the judgment creditor can seize with a writ of execution. This article, though, deals with just one of them. Specifically, this article only deals with the confiscation and sale of real property in Texas.
Serving a Writ of Execution for Real Property Assets
The procedure for seizing and selling real estate in payment for a judgment starts with the issuing of a writ of execution. When the clerk of the court issues the writ, it is given to the sheriff to carry out. In nearly all cases of property confiscation the sheriff must acquire physical possession of the property. That's not the situation with real property.
Given that real estate isn't going anywhere and the debtor can't secrete it, it is actually not crucial for the sheriff to actually go to the property and "do" something to it. All he has to do is endorse the levy on the writ then return it to the court. That endorsement is in actual fact a confiscation of the property.
Selling the Real Estate Seized
When the sheriff has seized the property by endorsing the levy on the writ, he starts the process of selling the property. In Texas, all seized and foreclosed property is sold at public sale on the courthouse steps. The courthouse, of course, must be located in the same county as the property being sold. The sale takes place on the first Tuesday of each month between 10:00 a.m. and 4:00 p.m.
Before the actual auction sale, the sheriff is required to advertise the sale once a week for three consecutive weeks. The advertisement must be in a newspaper that is in print in the county where the property is located. The sheriff is also required to mail the judgment debtor a photocopy of the notice of auction by mail. Of course, he can also convey that notice in person if he is inclined to do so.
As soon as the sheriff sells the property to the highest bidder, he releases a "Sheriff's Deed" to the winner. That deed conveys all right and title to the property to the successful bidder. The funds paid by the successful bidder goes to the judgment creditor.
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