(a) A sale to the general public of an interest in real property under this subchapter is by sealed bid and may not be for less than the value determined by the commission under Section 202.021.(b) The commission may require that each bidder pay to the commission a bid deposit in an amount and form determined by the commission.(c) The commission shall apply the bid deposit to the purchase price of the property for the bid accepted by the commission.(d) If for any reason the bidder fails to complete the purchase before the 61st day after the date on which the bidder receives written notice that the state is ready to complete the sale, the bid deposit is forfeited.(e) The state shall refund the bid deposit if the state is unable to complete the sale. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Texas Legal Code