Closings glossary
Schedule A
The part of a title commitment or policy naming the insured, the policy amount, the current owner, the estate insured and the legal description of the parcel.
What is Schedule A of a title commitment?
Quick Answer
The full definition
The part of a title commitment or policy naming the insured, the policy amount, the current owner, the estate insured and the legal description of the parcel.
Which related terms should you know?
These are the terms that come up alongside schedule a in the same file.
- Title commitment
- The document offering to insure title on stated terms, with Schedule A facts and Schedule B requirements and exceptions. It is the working agenda between contract and closing.
- Schedule B
- The requirements and exceptions section of a title commitment. Requirements are cleared before closing; exceptions remain uninsured unless removed or endorsed over.
- Owner's policy
- Title insurance protecting the buyer's ownership interest, issued for the purchase price with a single premium. Coverage continues while the insured or their heirs own the property.
- Lender's policy
- Title insurance protecting a lender's lien position, issued in the loan amount. Its coverage falls as the principal balance falls and ends when the loan is paid off.
- Survey
- A surveyor's drawing of the parcel, its improvements and any encroachments. Lenders on houses and townhouses generally require a current one or a survey inspection.
Where does schedule a come up in a New York City closing?
A Bronx commitment lists the wrong lot dimension on Schedule A, and the correction is made before closing so the policy describes the parcel bought.
What else should you read before closing?
Questions this raises
- What is the difference between a title search and a title commitment?The search is raw discovery. The commitment is the insurer's offer, split into Schedule A, B-I requirements and B-II exceptions. How to read both i...
- When does the lender get the title commitment?The commitment reaches the lender's closing department once issued, usually days after a clean search. Why simultaneous delivery keeps a New York f...
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