Reading your title commitment

A title commitment is the written document provided by a title insurer disclosing the details surrounding property ownership and rights. When purchasing a property you should obtain title insurance to identify potential issues. This document is the title insurance company’s commitment to ensuring the property, based on the data collected and affirmed.

Schedule A lists the effective date of the insurance policy; the dollar amount of the title insurance policy; the names of the insureds (owner and/or lender); seller's name; and the property description being insured.

Schedule B-1 lists the requirements that must be met before the title insurance can be issued and the property can close. Requirements often include things like the recording of a new deed, releases of various liens, tax payments, trust paperwork, proof of identity, mortgage, and home equity loan payoffs, and the satisfaction of liens and judgments.

Schedule B-2 lists exceptions or the items the title company will not cover against. These typically include things like water or mineral rights. The buyer can contest the exceptions and the title company may change its determination and decide to insure over it with an endorsement or release to eliminate the exception. 

It is important that you read and address your title commitment prior to closing. Once the closing has been completed the title company will issue the title insurance policy.

Understanding your title commitment is an important aspect of purchasing a property. Licensed Florida attorneys founded Fleet Title to bring high-quality, fast, and efficient title services to the residential and commercial real estate markets throughout the State of Florida. Our attorneys have closed real estate transactions for over 25 years. At Fleet Title, you will benefit from our experienced attorneys at the cost of a title agent. To learn more about the services offered, visit fleettitle.com, call (772) 224-3338, or email them at info@fleettitle.com.