What’s the Difference: Title Commitment vs. Title Report

As your trusted title company at the Lake of the Ozarks, Arrowhead Title strives to educate clients about real estate title, escrow, and closing services so that they make informed decisions on their transactions. With that being said, do you know the difference between a title commitment and a title report? If not, this week’s blog will help to distinguish the two. Read on to learn more!

A Title Commitment

Simply, a commitment from the title agency to issue title insurance to the lender when financing the purchase of a home on behalf of a borrower. This commitment is issued after the title company has thoroughly reviewed public records through a title search. Ensuring that there are no potential pitfalls in prior ownership history or existing liens. This commitment will outline the conditions and exceptions that the company will cover in the insurance policy.

Commitment Conditions: are requirements that must be met for the title insurance policy to be issued.

Commitment Exceptions: are certain items or situations that will not be covered by the title insurance policy.

In short, the title commitment provides accurate information about the property and what the title insurance policy will cover (or not cover). This is invaluable for both the buyer and the lender when making a purchase.

A Title Report

Title reports are typically not issued during the real estate transaction like the title commitment is. These reports are issued to people who are interested in knowing the background of a certain property. This could be used for investigation reasons to discover things such as:

·         Anyone seeking to discover the public record of their property, including:

o   People considering selling their home

o   Attorneys

o   Banks

·         A recent heir taking procession of a property

·         Divorced individuals who want to know the legal ownership record of their property

·         Non-profit organizations that are receiving a donation of property

A title report is simply a report containing valuable information regarding the background of a subject property. This report is not in any form an agreement to provide title insurance or any type of coverage to the property.


Arrowhead Title – Here for All Your Real Estate Settlement Needs

As the best title company at the Lake of the Ozarks, Arrowhead Title works diligently to provide a fast and accurate title and settlement services to our clients. We will conduct thorough research regarding properties and handle all of your real estate settlement services at the Lake of the Ozarks such as title insurance, reports, escrow, and closings. We believe in operating with the utmost transparency and integrity to protect you and your valuable investment. So, you can trust Arrowhead Title for all your real estate settlement needs! Contact us today for assistance!


The Lake of the Ozarks' Most Trusted Title Company

Where Accuracy Matters!


750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049


Location: VLG OF 4 SSNS, MO 65049, USA

Comments

  1. eSign Web Services Pvt. Ltd.December 14, 2021 at 1:45 AM

    Thank you so much for sharing all this wonderful information with us It is so appreciated! keep writing something on Title and Settlement Services You always have good humor in your posts/blogs.

    ReplyDelete

Post a Comment

Popular posts from this blog

Title Commitment vs Title Report

Image
Do you know the difference between a title commitment and a title report? While these documents may sound similar at first, they actually serve very different purposes and should not be confused. As your trusted title company at the Lake of the Ozarks , Arrowhead Title is here to help clear up any misunderstandings you may have about title commitments and title reports. Title Commitments Title commitments are issued when someone is in the process of buying a home or piece of property. After the title search has been conducted (that is, after your title company has thoroughly researched the public documents for any pertinent information regarding the property), the next step is to issue the title commitment.  The title commitment is exactly what it sounds like: a commitment  to provide title insurance to the lender and the buyer under the terms described. The title commitment outlines the conditions and exceptions that will impact the title insurance policy. Condi...
Read more

9 Fun Facts About Title Insurance

Image
Title insurance is a crucial part of buying real estate, whether a home, business, or commercial or residential plot of land. Without title insurance, your right to use and occupy your new property may be hindered by rights and claims asserted by others - potentially even years after the closing date. Despite its incredible importance, title insurance is largely misunderstood (if it's understood at all) in the general community. Arrowhead Title, Inc. is here to educate you on our unique industry by filling you in on these fun facts about title insurance. Fun Facts About Title Insurance 1.   Benjamin Franklin was the first person to come up with the concept of title insurance. 2.   Title insurance's primary focus is proactive, not reactive - it aims to prevent issues from ever arising in the first place. 3.   Title insurance is available in several other countries (not just the States). For example, it is used in Northern Ireland, Canada, Mexico, New Zealand, ...
Read more

9 Documents to Expect at Closing, Part 2

Image
Closing day is a date you've been looking forward to for a long time. All you have to do is get through a huge stack of legal documents without getting carpal tunnel! As the best title company at the Lake of the Ozarks , Arrowhead Title knows exactly what documents are coming your way. Last week we talked about four of the major documents you can expect on your closing date. Read on to learn about five more documents you will want to be ready to review and sign. Call Arrowhead Title for a team you can trust - we would love to help you prepare for and navigate the closing process! 5) Title Documents When you purchase your home, you are actually purchasing the right to the property. You won't technically own your home until it is paid off, but the title documents give you the legal right to the property. At this point in the closing process, the title has been thoroughly researched by the title company. During this search, any issues associated with the title should have...
Read more