Texas Transportation Code 203.061 – Payment Procedure If Owner Fails to Deliver Executed Deed; Escrow
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(a) If the owner of property acquired by the department under this subchapter fails to deliver an executed deed before payment of consideration, the comptroller may issue a warrant on the appropriate account in payment of the consideration. The consideration shall be placed in escrow with a national or state bank that is:
(1) authorized to do business in this state; and
(2) located in the county of the residence of the owner or the county in which the real property is located.
(b) If there is not a bank that satisfies the requirements of Subsection (a)(2), the consideration shall be placed in a national or state bank authorized to do business in this state in an adjoining county or the nearest available banking facility.
Terms Used In Texas Transportation Code 203.061
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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) Consideration placed in escrow under this section shall be delivered to the owner on receipt of the properly executed deed.