Section 15: Escrow Services by Title Insurance Company
Anchor: #i1033838Procedure
The disbursement of money in a transaction is part of the closing expense covered by the basic fee charged for title insurance policies. If the property owner makes delivery of the executed deed to TxDOT for use in support of the TxC payment submission, to secure the state's warrant for payment of the parcel, neither TxDOT nor the property owner will be expected to pay any additional fee for this service. If the owner requests that the executed deed be held by the title insurance company pending receipt of the state's warrant, any charge for this service by the title insurance company will be at no additional cost to TxDOT.
Any charge for such escrow service will be the responsibility of the property owner at no additional cost to TxDOT. Payment procedures when escrow is required are contained in Payment When Escrow Procedure is Used.
If the owner will execute the deed but insists that it be placed in escrow, the billing submission must include an executed copy of the deed bearing a certification, as referred to in Certificates Required of Title Insurance Companies. The certification must indicate that it is a true and correct copy of the deed as placed in escrow. This certification should be placed on the first page of the deed, either in the margin or in the blank space at the heading of the deed.
If the owner will not deliver to ROW PD or escrow an executed deed, an MOA will be executed, and the state's warrant will be placed in escrow with a state or national bank as required by law.
If the owner refuses to execute a deed or an MOA, ROW PD's request that the warrant be placed in escrow should be accompanied by some indication in writing by the owner that the offer and the warrant being placed in escrow is acceptable.
The above process is governed by Transportation Code, Section 203.061. Procedures for payment in this situation are contained in Payment When Escrow Procedure is Used.