You want to buy or sell a property in Orlando, FL. But you need more information about title commitments. Why do they matter? Think of a title commitment as a detailed report card for the property’s title.
It explains the terms a title company needs to issue title insurance. It also identifies any problems that we must fix before closing.
Title Commitment is Divided Into Several Sections
- Schedule A: This section provides the basics—the who, what, and when of the transaction. It includes the legal description of the property. It also has the names of the buyer and seller. Lastly, it shows the effective date of the commitment.
- Schedule B-1 (Requirements): Follow these steps to complete before the title insurance policy issues. These might include paying off liens or providing proof of legal authority to sell.
- Schedule B-2 (Exceptions): This section shows the limits or exclusions of the title insurance policy. It includes things like easements or zoning restrictions.
Understanding your title commitment ensures there are no surprises on closing day. At Simply Close Title, we go over every commitment with our clients. We explain each section clearly and answer any questions.
Contact us today to learn how we make the title commitment process simple and stress-free!
