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[Music] hello and thank you for joining me today my name is Kim Thomason and today we're going to go over how to read a title commitment a title commitment is a document that the insurer disclosed all parties connected to the real estate transaction to go over liens burdens or obligations that affect the subject property it lists all requirements that must be met before a title company can ensure a title as marketable or alone as having a certain priority marketable title is a title free from reasonable doubt or defect which can be readily sold or mortgaged it is the title that assures the purchaser quiet and peaceful enjoyment of the property yet marketable title may have certain encumbrances that a reasonable purchaser would be willing to accept this assurance of a title commitment by a title company provides a safe procedure for purchasers and lenders to close transactions before the actual title policies have been issued parts of the title commitment are very important to go over when preparing for a real estate transaction closing it is important for all parties to review the commitment upon receipt we will go over a brief overview of the parts the title commitment that should be reviewed or examined to prepare for a smooth closing schedule a is the first section this part of the commitment stipulates the basic facts of the transaction including the date of certification the effective date their proposed insured the purchaser and lender the types and liability amounts of the policies to be issued the estate being insured how the title to the state is currently vested the present owner or owners and how they hold title also the legal description and the address of the subject property and the estimated title insurance charges based on provided information make sure that all information is spelled are inputted correctly and matches the contract including the spelling of the buyers names purchase price sellers information property address and legal description schedule b1 lists the necessary requirements that must be met before a title policy can be issued including any or all of the releases of deeds of trust release of tax liens entity or estate documentation releases of judgments correction deeds warranty deeds and deeds of trust to be recorded a power of attorney might also need to be reviewed and a power of attorney is used when someone cannot be present at closing and also is signed well in advance of the closing for review a business entity if there is a business entity involved in the sale a limited liability or partnership requirements may be asked for verification of signing Authority if there are multiple deeds of trust sometimes a title commitment will show two deeds of trust and the seller has only one loan notify your closer immediately this is the case that that deed of trust may need to be released from the previous lender or we need to get a letter of indemnity from the previous title company to take care of that federal tax liens or judgments those are requirements that may show up as well if these are liens of your seller or buyer you may have to ask for payoff information and if liens show up as a result of a common name the seller or buyer may be asked to supply additional information to verify their identity death certificates can come up as well it's when one of the parties has passed away but the title has not been cleared a death certificate must be recorded in lieu of the other parties signing the warranty deed contact a legal professional for more information on how to handle a death in the real estate transaction owners policy on vacant land this type of policy may require an Ulta or other type of survey this is typically paid for by the seller Schedule B 2 is a section that lists the necessary exceptions to title the items may not be insured by the title company which includes seven standard exceptions taxes and further burdens such as covenants conditions and restrictions or CCR's easements or mineral reservations the seven standard exceptions are found on every title commitment but may be deleted or revised on the policy if buyers have questions regarding specific exceptions they should consult a real estate attorney if there's a - 2 or 3 or any other number can be found on the end of the commitment it just means that the commitment has been updated maybe pulled multiple times and anything that has been changed will have the information underlined so you know exactly what's been updated land title offers electronic delivery of a commitment via it's linked commitment delivery system the benefits of an LCD include the commitment summary is displayed in the body of the email and a PDF of the full commitment attached in the email embedded links to all the commitment to documents including requirements exceptions plat maps and tax certificates 24 month chain of title with links to those documents and changes to the pirate commitment are underlined and highlighted for more information on how to read a tata commitment contact your land title sales rep or your closer and we'd be happy to help thank you so much [Music]