Texas Property Code 62.105 – Term of Escrow Account
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Terms Used In Texas Property Code 62.105
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
The amount held in escrow shall be held in escrow until:
(1) the rights of the parties claiming the amount in escrow are determined by a written agreement of the parties, a court order, or an alternative dispute resolution process agreed to by the parties;
(2) the broker’s lien is no longer enforceable; or
(3) the funds are interpled into a district court for the county in which the commercial real estate is located.