A title commitment is a document issued by a title company during the process of purchasing a property. It outlines the conditions under which a title insurance policy will be issued once the property sale is finalized.
The title commitment will typically include details such as a legal description of the property, the names of the current property owner, any liens or encumbrances on the property, and any restrictions or easements that may affect the property.
The title commitment is an important document in the real estate transaction process as it provides the buyer, seller, and lender with information about the title to the property, ensuring that there are no unforeseen issues that could impact the sale. It helps to protect all parties involved in the transaction from any potential legal disputes or claims on the property.
Once the title commitment is issued, the title company will work to resolve any outstanding issues that may affect the property's title in order to issue a final title insurance policy for the buyer.
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