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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 11. TITLE INSURANCE |
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Subtitle A. GENERAL PROVISIONS |
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Chapter 2501. GENERAL PROVISIONS |
Sec. 2501.006. CLOSING THE TRANSACTION
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(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.