Texas Insurance Code 2702.052 – Duty to Prescribe Uniform Closing and Settlement Statement Forms
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(a) The department, after notice and hearing, shall prescribe uniform closing and settlement statement forms to be used in connection with the closing and settlement of a transaction involving:
(1) the conveyance or mortgage of real property; and
(2) the issuance of a title insurance policy by a title insurance company or title insurance agent.
(b) The department may prescribe separate forms under this section for transactions involving improved residential real property and for all other real property transactions.
Terms Used In Texas Insurance Code 2702.052
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: means real and personal property. See Texas Government Code 311.005
- 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) The department shall design the forms under this section to enable each party to the transaction to be provided with a dual or separate form identifying only the charges made to that party.