Title commitment

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.

Which related terms should you know?

These are the terms that come up alongside title commitment in the same file.

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.

Schedule B

The requirements and exceptions section of a title commitment. Requirements are cleared before closing; exceptions remain uninsured unless removed or endorsed over.

Title search

The records examination behind a title report, covering the chain of title, encumbrances and court filings against the owners. It precedes the commitment.

Title exception

A matter the title policy does not insure against, listed on Schedule B. Some exceptions are removed before closing and others are simply accepted by the buyer.

Curative work

The clearance steps taken between commitment and closing to remove title requirements: releases, satisfactions, corrective deeds, estate paperwork and payoffs of stale liens.

Title officer

The person at a title agency or underwriter with authority over what a commitment requires and excepts. Clearance decisions on a file run through this role.

What else should you read before closing?