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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55289
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Texas Real Estate Law: Regarding Texas real estates escrow

Customer Question

Texas Real Estate Law:
Regarding Texas real estates escrow accounts and agents... in lieu of using bigger title company i.e. American title or stewart title..etc.. are there escrow accounts and/or agents that could liaise between seller and buyer holding on to cash and contracts and such "very discreetly"?Thanks you in advance...Please help
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Hi there. If there is no title policy being purchased, there is no legal requirement that a title company be used. Many times attorneys and or banks act as escrow agents to facilitate a closing. But, any person or entity trusted by both parties can act as an escrow agent in such a transaction.

Customer: replied 1 year ago.
there no need for licensing of any kind?
Expert:  Richard replied 1 year ago.

There is not.

Customer: replied 1 year ago.
Hi Richard,Earlier it was mentioned, thats "any person or entity trusted by both parties can act as an escrow agent in such a transaction."... can you help me understand this a little?.. so anyone can act as an escrow agent,Can anyone prepare closing documents in Texas?
Expert:  Richard replied 1 year ago.

Most people won't agree to do so because they are simply not set up to do so. Typically, if title companies are not used, it comes down to an attorney, CPA, or bank.

Customer: replied 1 year ago.
my associate has a affluent 'uncle' and both parties have agreed to have him act as a escrow agent... regarding closing the closing documents,they also have a family friend that knows how to prepared closing documents... she doesn't have any type license whatsoever .... is this sufficient?
Expert:  Richard replied 1 year ago.

Yes, that will suffice. :)

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