Buying a Bank-Owned Home - Boise Idaho Area Real Estate - Part 6 of 7

Part 1 , Part 2 , Part 3 , Part 4 , Part 5

Part 6: Importance of Checking/Reading Title Commitment

Most banks take a reactive approach when it comes to title issues. Anything beyond the norm on the title commitment will most likely delay the closing. 

 A few business days after acceptance, you will receive a document called the Preliminary Title Commitment. This is a document drawn by the title company that ensures you that the Title Commitment sellers actually own the house and have the right to sell it (very important information!). It also shows you if there are any liens or judgments to cloud on the title. The best advice would be for you to review this document with your attorney. If you have any question, myself or the title company may help you. You will have a timeframe as defined in the contract to review this document and communicate to the sellers if you have any problems with it.

Bottom line is this: You never know what is going to show up on a properties' title report. Review it and ask questions!

My clients can expect the title commitment to be emailed or hand delivered for review as soon as i have it.

Part 7: Closing on a Bank-Owned Property 

Buying a Bank-Owned Home - Boise Idaho Real Estate - Part 6 of 7