There are four main sections of your title commitment, Schedule A, Schedule B-I, Schedule B-II, and other documents. The first section that you’ll run into, is Schedule A. This contains the title commitment’s effective date, named insured and insurance policy types, interest to be insured, vesting, and legal description. The next is Schedule B-I, which contains the requirements specific to this transaction and items needed to close. Then you’ll see Schedule B-II, which contains the limitations to ownership, or parts that your title insurance may not guarantee. Schedule B-II is split into two sections; general and special exceptions. General exceptions will be removed with extended or ALTA homeowner’s policies. The special exceptions section includes all title matters including what we find in our inspection of the property as well as all recorded matters. Following Schedule B-II, you’ll see the legal description, any affidavits, taxes, and more.
It’s important for you and your client to look over your title commitment and contact us if you have any questions, we want to solve all of the problems before we get to the closing table. We may not have answers to everything, so if there’s anything we can’t answer, it’s best to contact a real estate attorney, accountant, or your county office.
