Tex. Ins. Code Section 2501.006
Closing the Transaction

(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.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 6, eff. April 1, 2005.

Source: Section 2501.006 — Closing the Transaction, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­2501.­htm#2501.­006 (accessed Apr. 29, 2024).

Green check means up to date. Up to date

Accessed:
Apr. 29, 2024

§ 2501.006’s source at texas​.gov