Terms Used In Texas Natural Resources Code 161.366

  • Contract: A legal written agreement that becomes binding when signed.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005

It is not mandatory that a person purchasing land under the program accept the offer of the insurance coverage, and refusal by the person to accept the offer of the coverage shall not be a ground for the board to decline to enter into a contract of sale and purchase or a mortgage with the person.