Texas Title Commitment- Know your ABC's of Title

By
Mortgage and Lending with First Choice Loan Services NMLS#210764 NMLS #246495

Now that the contract has been signed and the earnest money has been receipted, now it's time for the title company to start their research. The title company will start examining the property in order to be able to issue title insurance. Usually within a week or so, the commitment would be mailed to you. Now what? You got about 15 sheets of paper from the title company with lots of writing on it. What does it mean to me as the potential buyer?

Home Purchase Agreement

The title commitment is a commitment to issue title insurance. The title commitment is broken down in schedules. These schedules include A, B, C and D.

 

Here are the ABC's of TITLE....

  • Schedule A: On this schedule it will listing the existing owners and the proposed buyers names, along with the legal description of the property. The sales price and the name of the lender will be listed as well.

Schedule B: This is the buyers notification area of any utility easements and building setbacks. A utility easement is where the utility company has the right to come on your property and dig in that certain area to work on utilities. Utility easements are very common. Also, within this schedule is where you will find exceptions to the title policy. If there are any noted in schedule B they will not be covered by the title insurance.

Schedule C: Lists of unpaid liens. Items that must be cleared up so title company will cover the risk or refuse to issue a policy. Common unpaid liens are the existing mortgage loans, unpaid taxes, unpaid HOA dues and martial status disputes that are held on title. The title company will work hard to make sure these liens are satisfied so they can convey clear title.

Schedule D: In this last section you will see who will be collecting parts of the title premium and how much is being collected.

If you still have any additional questions regarding title commitments in Texas, please call me.

 

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Stephanie Stringer

Residential Mortgage Loan Orginator NMLS#246495

Direct:  (469)556-0894    Office:  (210)547-3490

AmeriPro Funding, Inc.

18585 Sigma Road Suite 104  San Antonio, Texas 78258

Check out what people are saying about STEPHANIE STRINGER 

 

Company NMLS#131699

 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Wayne Johnson 02/08/2014 12:59 AM
Topic:
Real Estate General Information
Location:
Texas
Tags:
texas title commitment
mortgage liens
stephanie stringer

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Rainmaker
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Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Stephanie-Thanks for the info on Title. A critical part of making homeowner's secure. The referral disappeared for me to. She was supposed to meet me today. But poofff, she's in the wind.

Jan 31, 2014 03:06 AM #1
Rainmaker
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Kate McQueen
Realty Associates Texas - Cypress, TX
Tailored service for your real estate needs!

Great information Stephanie!  Title documents can be very confusing for many buyers.

Feb 03, 2014 03:51 AM #2
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Rainer
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Stephanie Stringer

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