Texas § 2501.006 CLOSING THE TRANSACTION.

Texas Statutes

§ 2501.006 — CLOSING THE TRANSACTION.

Texas § 2501.006

Code INInsurance Code

This text of Texas § 2501.006 (CLOSING THE TRANSACTION.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Insurance Code Code Ann. § 2501.006 (2026).

Text

Sec. 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 disbu

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Sec. 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.