The special inventory is taxable in the county where purchased. As property taxes are paid in arrears in Texas, both the buyer and seller will have property tax payments due at closing.Throughout the term of the mortgage, an escrow account will hold funds for taxes and homeowners insurance. What Is An Escrow Account? Lawyers Title provides professional escrow settlement services that are a convenience for the buyer and seller because both can move forward separately. These are the main steps to successfully close the deal.