A Commitment for Title Insurance is:
  • Solely an offer by the title insurer to issue a title insurance policy based on the conditions, exceptions and specified requirements, including the payment of premium, set forth therein
  • Only effective when the identity of the proposed insured and the amount of the policy or policies have been inserted in Schedule A
  • Generally expires six months after the effective date
A Commitment describes liens, defects, encumbrances and other matters recorded in the public records or other information that has been disclosed to the Company:
  • Vested owner's name and how title is held
  • Legal Description
  • Tax status
  • Exceptions from coverage
  • Requirements — matters that must be met or cleared at or prior to closing to insure title or loan priority
  • Other terms and conditions