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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 E. THE BUSINESS OF TITLE INSURANCE |
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Chapter 2702. CLOSING AND SETTLEMENT |
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Subchapter A. INSURED CLOSING AND SETTLEMENT LETTERS |
Sec. 2702.002. INSURED CLOSING AND SETTLEMENT LETTER: CERTAIN BUYERS OR SELLERS
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(a) On written request, a title insurance company may issue to the buyer or seller of real property located in this state, the sales price of which exceeds the maximum covered claim specified by Chapter 2602, an insured closing and settlement letter in connection with the closing and settlement of the transaction by a title insurance agent or direct operation. Only the title insurance company that is to issue an owner title insurance policy in connection with the transaction may issue the insured closing and settlement letter.
(b) An insured closing and settlement letter must be issued:
(1) at or before closing; and
(2) in the form and manner prescribed by the commissioner.
(c) The commissioner may adopt a charge for the issuance of an insured closing and settlement letter under this section and prescribe the form and manner in which the charge must be made.