Title Commitments ~ Getting Ready For Closing Your Home Purchase
What is a Title Commitment? Why do Buyers need it?
Simple questions with simple answers... a Title Commitment is a commitment to sell you a buyer Title Insurance for your lender and for you, if you want an owners policy to go with the lender's policy.
The Title Comittment will contain information such as the effective date, the amount of your coverage (the amount of your mortgage), your name and the legal description. It will also have requirements that must be met for the issuance of the policy such as filing your deed & mortgage. BUT some other requirements might be in Schedule B also... such as title issues that were discovered by the attorney doing your Title Opinion when he/she read your abstract.
Some loans in Oklahoma do not require Title Insurance and consequently do not have a Title Committment.. many of our local banks still close without title insurance. You will still have a title opinion completed by the attorney.
