Commitment for Title Insurance

Most sales of real estate entail an agreed between the buyer and seller that the buyer would provide the buyer with liens. Before the sale closes, we’ll mail you something called a “title commitment” for review. Our vow (i.e. commitment) to deliver the title insurer when the transaction closes is reflected in the title promise, which details all of the features, limitations, and exemptions that will be contained in the actual policy. Any special requirements that must be satisfied prior to the settlement in order to issue the title insurance cover will also be outlined in the title commit. Just with the majority of other title companies in the United States, First Alliance Title uses industry-standard title obligation and title insurance policy forms. These documents are disseminated by the American Land Title Association (ALTA). A standard ALTA title commitment will address the issues listed below; however, your commitment will also include language and provisions that are unique to your acquisition.

Title guarantee
You can get a title insurance policy from your title insurance company after closing, and the title commitment (also called a preliminary title report) is effectively a guarantee from the title insurance firm to issue such a policy. Important exclusions and restrictions of the agreement will be spelled forth in the title commitment. Before closing, you will have the title commitment in hand, giving you time to review the exclusions and pursue any issues that need to be resolved, such as a lien or encumbrance on the property or a title defect that might be corrected and spare you future hassles. Finally, it is crucial that you carefully read the title commitment. If you accept possession of a property and then encounter problems due of an exclusion included in the title commitment, you will not be able to go back to the title insurance provider for help. If you feel the exclusions should be removed from your policy since the underlying problem has been resolved, you may wish to make a formal appeal to your title insurance provider and maybe hire an attorney to do so on your behalf.