Definitions for "Title commitment"
A document provided by an abstractor or title company after they have searched the property records and committing that they will provide a specified amount of insurance for the title. The document provides the owner of record, current mortgages, assignments, and liens, if any. It also slows any restrictions or covenants that are recorded pertaining to this property as well as the legal description of the property.
A written report showing all current claims against a property before a sale or loan transaction. After completion of the transaction, a title insurance policy is issued.
Form promulgated by the Texas Department of Insurance. It commits the title insurance company upon payment of the appropriate premium- to issue a title insurance policy to the proposed insured.
(not recognized in Britain) A report made by a title company stating whether there are any other claims to ownership of a property. A necessary step before a mortgage loan can be approved.