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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) For purposes of this title, “closing the transaction” describes the investigation that is made:
(1) on behalf of a title insurance company, title insurance agent, or direct operation before the title insurance policy is issued; and
(2) to determine proper execution, acknowledgment, and delivery of all conveyances, mortgage papers, and other title instruments necessary to consummate a transaction.
(b) Closing the transaction includes a determination that:
(1) all delinquent taxes have been paid;
(2) in the case of an owner title insurance policy, all current taxes, based on the latest available information, have been properly prorated between the purchaser and seller;
(3) the consideration has been passed;
(4) all proceeds have been properly disbursed;
(5) a final search of the title has been made; and
(6) all necessary papers have been filed for record.
Cite this article: FindLaw.com - Texas Insurance Code - INS § 2501.006. Closing the Transaction - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-2501-006/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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