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.
a commitment to provide title insurance to a parcel of land. The surveyor is interested in the legal description and the exceptions.
A commitment on the part of the insurer, once a title search has been conducted, to provide the proposed insured with a title insurance policy upon closing.
(1) A written agreement by a title insurance company to issue a title insurance policy. (2) The title company's promise to provide title insurance to the buyer of a property as well as to the lender making the loan in order to facilitate the purchase. A title commitment ensures to the buyer that clear and marketable title can be delivered by the seller at closing.
the agreement by a title insurance company to insure the title to a particular parcel of real estate, issued after the title insurance company has conducted a title search. It is issued subject to the exceptions set forth in the title commitment. This is sometimes called a "Title Report."
A written statement by a title insurance company setting for the conditions under which it will insure a particular parcel of property. The title commitment would usually be written and signed by a title insurance agent of the title insurance company. GTS is a title insurance agent.