A promulgated form issued by a title insurance company, or its agent, committing the title insurance company to issue the form of policy designated in the commitment upon compliance with and satisfaction of requirements set forth in the commitment. A title commitment is our promise to issue you, our customer, a title insurance policy for the property after closing. The title commitment will contain the same terms, exclusions, and conditions that will be in the actual insurance policy. Although, a typical title commitment does not always have a complete search back to the original land grant, that being said it is not a complete abstract of title. In most cases, the title policy should provide coverage over your title if problems do arise.
Title Insurance is an insurance policy that protects the owner of property against loss that occurs from a defect in a title for real estate. It will protect both you and the lender. Title Insurance is important for all buyers of property, but more so for commercial property buyers. Title insurance protects the buyers from scenarios that may not be too common but are definitely possible, such as previous property owners still waiving ownership over the title. It also protects the buyer from the unseen such as underlying contracting such as unspoken restrictions on the properties use and mistaken documentation of land ownership. Depending on your insurance, the Title insurance covers the purchaser for up to the amount paid for the property. A popular term used in discussing title insurance is “cloud(s)”, this means a person or business that is not the seller holds an interest in the title, and in most cases we do checks to make sure there are no clouds on a title before us at Aggieland Title decide to close a title.
The total facilities required to function as a title insurance operation. Technically, the organization of official records affecting real property into a system which allows quick and efficient recovery of title information is put into a title plant. In order to be licensed, a title agent must at least own or have access to a title plant, in current times title plants are mainly digital, making it a much more economic approach. Title plants are essential tools abstractors and examiners use regarding land records and the proper researching used to examine them.