Texas Insurance Code 2704.051 – Issuance of Owner Policy Required in Connection With Issuance of Mortgagee Policy
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(a) In this section, “mortgagee title insurance policy” means a mortgagee policy of title insurance or another agreement or the equivalent that constitutes the business of title insurance.
(b) Except as provided by Section 2704.052, a title insurance company or title insurance agent that issues a mortgagee title insurance policy in connection with a lien on improved residential real property in this state that is sold shall also issue an owner title insurance policy to the owner of the property.
Terms Used In Texas Insurance Code 2704.051
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- 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.
(c) The title insurance company or title insurance agent issuing the owner title insurance policy shall charge the required premium promulgated by the commissioner.