Texas Property Code 62.106 – Extinguishment of Lien Upon Escrow
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Terms Used In Texas Property Code 62.106
- 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.
When the escrow account is established under this subchapter, the broker’s lien against the commercial real estate is extinguished and becomes a lien on the proceeds in the escrow account.