Hello friend,
Today I am going to share with you a brief summary of the title commitment and what it is. Please reach out to me if you have any questions. Jo.
Reading and understanding the Title Commitment is vital to the success of your closing. In short, the Title Commitment is the result of the title search that the title company performs in order to issue an Insurance Policy on the property. Unlike Auto Insurance that looks forward, Title Insurance looks backwards. Below is a brief summary of the Title Commitment Schedules. Hopefully, this will help you gain a better understanding of the Title Commitment.
Schedule. A – the basic “Who, What, Where and How section of information, such as the legal description of the property, sale price, loan amount, lender, name and marital status of buyer and seller, etc.
Red Flags:
- Check spelling/accuracy of buyers’ names under
- Check that the sellers’ names match the contract
- Make sure the legal description is correct and complete
Schedule B – this is the “For Your Information” section…it reveals the exceptions. Exceptions are items which are tied to the subject property…such as Covenants, Conditions and Restrictions, Taxing jurisdictions, Easements, HOA by-laws, Leases/Mineral Rights, etc. The title company will advise you of such encumbrances on the property, or items that THEY are NOT searching for and NOT responsible for. These are things you can’t change as the buyer, however, you can walk away from the contract if there is an issue.
Red Flags:
- Check to make sure that your survey coverage is properly updated if you are getting the survey amendment on owner’s title policy
- The deed restrictions themselves are not included with the title commitment
Schedule C – identifies any items that must be resolved prior to the closing, such as liens, bankruptcies, marital issues, etc.
Red Flags:
- Check for unexpected liens – city tax liens, second mortgages, mechanics liens, etc.
- Check for former spouses uncovered by the title company who may need to sign off on the deal
Schedule D – is a disclosure of information about owners, directors, officers and underwriters required by Texas state rules and regulations. Additionally, it outlines title policy amounts. Here you should see the amounts that are being paid from closing toward both the owner’s and lender’s title policy. These should be the same amounts on the final documents (unless there are subsequent amendments changing the closing price or loan amount).
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If you are overwhelmed..
Now if you are feeling overwhelmed on where you should plant your roots, I would love to talk to you. You can schedule a call with me by click this link: http://byjoandco.com/call or just send us an email: [email protected]. There are some amazing communities all over the Houston suburbs. In this post, https://search.byjoandco.com/blog/best-neighborhoods-in-houston/, I deep dive into all the different suburbs/neighborhoods that you might want to consider, and why. There are many resources here, so please reach out if you are curious what to look at next! Thank you for trusting us.
