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 Exce...