#titlecommitment - Twitter Hashtag

over 2 years ago

How To Read A #Title Commitment The #titlecommitment is a commitment to issue title insurance. It details the conditions and requirements for issuing the final title policy(ies) in four sections as shown below: Schedule A: Actual Facts: This is the Who, What, Where and How Much section of the Commitment. It includes the names of the proposed buyer, record owner (seller), a legal description of the property, sales Schedule B: Buyer Notifications: This is the general and specific exceptions to the property. Items such as survey matters, taxes, easements, setback lines and a variety of other items that will not be covered by the title policy are disclosed here. Schedule C: Clear to Close: Items listed here must be resolved prior to or at closing in order to issue the final title policy to the new owner. Common issues might include mortgage liens to be paid off, marital status issues, bankruptcies, probate issues, tax and other liens. Schedule D: Disclosure: This section discloses the officers of the title company as well as the title policy amounts and the parties who will collect any part of the title premium.