As a licensee you should not give your opinion as to the validity of title; however you should review the title commitment, and advise your client to speak to the title company or a real estate attorney if there are any items of concern.
You should review the commitment and be familiar with the four schedules and certain item to watch for.
Today we will discuss Schedule A.
Schedule A contains information as to the date of the commitment. The names of who is being insured (the buyer and lender). The amount of coverage. The legal description of the property. And who is the recorded owner of the property, and what type of ownership interest they have.
Compare this information in Schedule A with what is on the actual sales contract.
Any discrepancies should be addressed with the title company immediately.
Comments(1)