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Title Commitment - What You Should Know

By
Real Estate Agent with DFW FINE PROPERTIES 0506509

When you're under contract with a Residential Real Estate transaction in the State of Texas, do you know what to look for? All you have to do is remember the acronym A, B, C, and D and then review each section for accuracy carefully. If anything is not right, or you have questions, you should contact your Real Estate Agent or the Title Company directly. Are you ready? Let's get started!


A - Actual Facts (Buyer)

  1. This reflects your name. Is it spelled correctly?
  2. Sales price. Is the sales price accurately reflected?
  3. Lender. Does the Title Commitment show the correct lender and loan amount?

Note: The information may not be available at the time the Title Commitment is issued. 


A - Actual Facts (Seller)

  1. Are the names the same as when you took title to the property?
  2. Have there been any life changes since you took title, i.e., marriage, divorce, etc.?
  3. Is the sales price of the property accurately reflected?

 

B - Buyer Notification. This reveals all exceptions to title.

  1. Buyer reviews all matters reflected under Schedule B. These are and will remain as exceptions to your title. For any questions, call the Title Company.
  2. Accept or reject matter shown in accordance with the terms of your contract.

B - Seller's review.

  1. Buyer may object to matters shown in schedule B.
  2. Seller may have an opportunity to cure any matters objected to by Buyer, per the contract.

C - Clear to Close. All matters on schedule C must be resolved prior to closing.

  • Existing mortgages and liens
  • Probate and vesting issues
  • Marital stats
  • Abstracts of judgments
  • IRS tax liens

Buyer:

Review and call the title company if you are concerned about timely resolution of the matters.

Seller::

Review and provide the title company with all the information necessary to resolve the matters on or before closing.  

D - Disclosure

This discloses information as to the entity insuring the title and cost of the insurance.

Please note this information is being provided as a courtesy and does not constitute legal advice.

 

Posted by

Texas Law requires all license holders to provide the Information about Brokerage Services form to prospective clients.

https://www.trec.texas.gov/sites/default/files/pdf-forms/CN%201-4-1.pdf

dfw fine properties

PATRICIA FEAGER, REALTOR®
DFW FINE PROPERTIES
3575 LONE STAR CIRCLE SUITE 315
FORT WORTH, TEXAS 76177

Email Me
                                  

                                     

MBA (University of Dallas)
BA
(Bachelors of Arts & Science)
Paralegal (Southeastern Career Institute)
Associates (3) (College of Lake County)
KU (University of Kansas)

CERTIFICATIONS

CRS (Certified Residential Specialist)
SRES (Certified Senior Residential Specialist)
PSA (Certified Pricing Strategies; Mastering the CMA)
CRS (Certified Military Relocation Specialist)
RENE (Real Estte Negotitions Expert)

"With self-discipline most anything is possible." --- Theodore Roosevelt 

 

 

 

  

Comments(2)

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Lew Corcoran
Better Living Real Estate, LLC - East Bridgewater, MA
Expert guidance. Exceptional results.

Thank you, Patricia Feager, ABR,CRS,GRI,MRP, for sharing such valuable insights about title commitments; your clear breakdown of the 4 components is incredibly helpful for anyone navigating real estate transactions. I appreciate your dedication to educating others on this important topic!

Nov 06, 2024 02:44 AM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Patricia. Must say, unfortunately, that a majority of buyers and sellers have no idea about title insurance. It is considered something their agent, lender or attorney will take care of. They should be informed. Enjoy your day.

Nov 06, 2024 04:38 AM