Deed, Memorandum of Agreement, and Closing
After an agreement has been reached between the owner(s) and TxDOT to sell the property, ROW Division Headquarters will assist TxDOT in preparing the Deed and Memorandum of Agreement. The Comptroller requires a Memorandum of Agreement even though its use for acquiring right of way has been discontinued.
TxDOT submits the following to ROW Division Headquarters:
- an updated title commitment
- a certified copy of the signed deed
- a copy of the signed Memorandum of Agreement
TxDOT prepares a Payee Identification Form with joint payees being the title company and the seller(s).
TxDOT prepares and submits a Billing Worksheet, Form 2557, and sends it to TxDOT’s accounting section. Then TxDOT’s accounting section will prepare a voucher to request the warrant.
ROW Division Headquarters provides the Finance Division (FIN) with copies of the title commitment, signed deed and memorandum of agreement, and preliminary closing statement. FIN forwards these to the Comptroller for issuing the warrant.
FIN forwards the warrant to TxDOT, and TxDOT closes the transaction.
TxDOT obtains the title policy. TxDOT should be sure that a deletion of arbitration provision form, if applicable, has been furnished to the title company so that the arbitration provision will be deleted from the title policy.
TxDOT sends the billing statement for paying the title policy premium and expenses, unless the seller has paid for the title policy. Send the original recorded deed and original title policy with the billing statement to ROW Division Headquarters.
ROW Division Headquarters will process the billing statement to obtain a warrant for paying the title company expenses.