Title Commitment 101

The title commitment is provided to the consumer to make you aware of what information we have determined during our title examination process.  It is usually provided as a requirement of an earnest money contact.  The title commitment is a contract to issue you a policy subject to the terms and requirements shown.  It is the title company's promise to issue a title policy to the proposed insured (Buyer and/or Lender) upon payment of the premium and any other charges due. 

SCHEDULE "A"

Schedule "A" of the title commitment reflects certain information that identifies the specifics of the proposed transaction. Information contained on Schedule "A" includes the effective date of the commitment, proposed amount of insurance, type of policy(ies) to be issued, the name of the proposed insured(s), the person(s) in whom title is currently vested, the estate or interest in land to be covered, and the legal description of the property to be insured

SCHEDULE "B"

In Schedule "B", you may find exceptions to Restrictive Covenants, encroachments, easements, mineral rights, items identified on a survey, and other documents that have been filed of record.  Your policy will not cover loss, costs, attorney's fees, or expenses resulting from any of these listed items.

SCHEDULE "C"

Schedule "C" of the Commitment lists any requirements that the title company will require to be satisfied prior to issuance of the title policy.  It will usually address certain documents that must be completed at or prior to closing, proof that taxes have been paid, and any documents that may need to be filed of record.  You may also see liens that have not been released, requirements for business/corporate buyers/sellers, and any number of other requirements.  While the title company is not required to clear these requirements for the buyer/seller, we will assist the buyer/seller as much as we possibly can. 

SCHEDULE "D"

Schedule "D" contains information about the underwriter, title company, an estimated premium, and to whom monies are paid to.  Schedule "D" does not affect the title insurance coverage being offered.  It is provided as a disclosure for the consumer's information.