Texas Property Code

§ 221.062 — RELEASE OF ESCROW

PR § 221.062Title 12. MISCELLANEOUS SHARED REAL PROPERTY INTERESTS · Ch. 221. TEXAS TIMESHARE ACT · Art. G. ESCROW DEPOSITS

Statute text

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(a)The funds or property constituting the escrow or trust deposit may be released from escrow only in accordance with this section.

(b)If the purchaser cancels the purchase contract as provided by the contract, the funds shall be paid to:

(1)the purchaser; or

(2)the developer if the purchaser's funds have been refunded previously by the developer.

(c)If the purchaser defaults in the performance of obligations under the terms of the purchase contract, the funds shall be paid to the developer.

(d)If the developer defaults in the performance of obligations under the purchase contract, the funds shall be paid to the purchaser.

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Legislative history

Acts 2005, 79th Leg., Ch. 539 (H.B. 1045), Sec. 10, eff. January 15, 2006. Acts 2009, 81st Leg., R.S., Ch. 279 (S.B. 1036), Sec. 5, eff. September 1, 2009.