Closings glossary
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.
What is a title commitment?
Quick Answer
The full definition
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.
Also called: Title report, Commitment for title insurance.
Where does title commitment come up in a New York City closing?
A Manhattan commitment issued in week two lists nine requirements, and the closing date is set only after seven of them are cleared or waived.
What else should you read before closing?
In the glossary
- Schedule AThe part of a title commitment or policy naming the insured, the policy amount, the current owner, the estate insured and the legal description of ...
- Schedule BThe requirements and exceptions section of a title commitment. Requirements are cleared before closing; exceptions remain uninsured unless removed ...
- Title searchThe records examination behind a title report, covering the chain of title, encumbrances and court filings against the owners. It precedes the comm...
- Title exceptionA matter the title policy does not insure against, listed on Schedule B. Some exceptions are removed before closing and others are simply accepted ...
- Curative workThe clearance steps taken between commitment and closing to remove title requirements: releases, satisfactions, corrective deeds, estate paperwork ...
- Title officerThe person at a title agency or underwriter with authority over what a commitment requires and excepts. Clearance decisions on a file run through t...
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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