Commitment for Title Insurance
What is Commitment for title insurance?
This is the commitment of the owner of the property to the buyer in order to assure the buyer of the ownership of the property. This commitment is given prior to the closing or on the day of closing and is open to scrutiny. The buyer can talk to his or her attorney or the title company or even to their agent regarding any type of question or doubt that may arise in their mind regarding the commitment or the title per se.
The buyer can also convey to the seller if any portion of the commitment that would not be acceptable to the buyer and that can be negotiated or discussed upon.
It is only with the title insurance that protection against title frauds can be sought. This is the only policy that, unlike other policies, does not insure you for the events that will take place in the future. Instead it will insure you for the defects of title that have taken place in the past.
This policy requires the insured to pay just one time premium and they can be insured for up to periods that are desirable by them. In many cases the loan providers will require you to have this policy before they can grant you the loan to buy the property. The title insurance is given to the buyer only after thorough checking of the public records but there are also some hidden hazards that the seller may not disclose at the time of the closing and this is why this policy is a must.
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