Texas Insurance Code 2702.001 – Insured Closing and Settlement Letter: Loans
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(a) On request, a title insurance company may issue insured closing and settlement letters in connection with the closing and settlement by a title insurance agent or direct operation of loans relating to real property located in this state.
(b) Insured closing and settlement letters must be issued in the form prescribed by the commissioner.
Terms Used In Texas Insurance Code 2702.001
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(c) A title insurance company may not impose a charge for issuing insured closing and settlement letters under this section.