What it is: Commitment typing is the process of creating a title insurance commitment, which is a document that outlines the conditions that must be met to issue a final title insurance policy. It’s an essential step in a real estate transaction, as it provides a preview of the property’s title status.
What it reveals: A commitment reveals the legal condition of the property’s title. It shows who the current owner is and lists any liens, encumbrances, easements, or other defects that could affect a clear title. It also indicates what is required from all parties (e.g., payoff of a mortgage, release of a lien) to clear these issues before the title policy can be issued at closing.
When it’s used: It is used early in the closing process, typically after a sales contract is signed. The lender and the buyer’s attorney review the commitment to ensure there are no surprises and to get a checklist of items that need to be resolved before the transaction can be finalized.
Who Joins as a Vendor? This form is intended for Title Abstractors and Title Searchers, who operates as an independent contractor or a small business and wish to join our network. We are extending an invitation to join our network of professionals, as a verified vendor to handle title search orders and other related services.
