Title Commitment
The Title Commitment is a huge document from the title insurance company that lets us know they can issue coverage. It details what is covered and what is excluded.
The most important thing is that it arrives!
If there is anything for you to do, it will be detailed toward the end of Schedule C or D. Most often the email from title will include a request. It won't just be buried in the schedules. If they don't beat us to it, Michelle or I will let you know what's needed, too.
Common issues are past marriages and divorces being documented, assumed names, and the like.
There are standard exceptions and property specific exceptions.
Title insures that the seller can transfer ownership of the human-ownable rights of the property to the buyer. Utility providers, government agencies, endangered species, and more entities may also have rights. For example, the FAA can allow planes to fly over your property. If we all find out later that the seller didn't actually own the property - the title company gets to clean up the mess. However they do that???
The most important thing is that it arrives!
If there is anything for you to do, it will be detailed toward the end of Schedule C or D. Most often the email from title will include a request. It won't just be buried in the schedules. If they don't beat us to it, Michelle or I will let you know what's needed, too.
Common issues are past marriages and divorces being documented, assumed names, and the like.
There are standard exceptions and property specific exceptions.
Title insures that the seller can transfer ownership of the human-ownable rights of the property to the buyer. Utility providers, government agencies, endangered species, and more entities may also have rights. For example, the FAA can allow planes to fly over your property. If we all find out later that the seller didn't actually own the property - the title company gets to clean up the mess. However they do that???
