Real Estate Title Commitment Form

Real Estate Title Commitment Form

This Title Commitment (the "Commitment") is issued by Title Company Name: (hereinafter "Title Company") to Proposed Insured Name: (hereinafter "Proposed Insured") concerning the estate or interest in the land described as Legal Description: , effective as of Effective Date: .

RECITALS

WHEREAS, Title Company has examined the public records and other information customarily examined by title insurers to ascertain the condition of title to the real property described above; and

WHEREAS, Proposed Insured has requested that Title Company issue one or more title insurance policies insuring the Proposed Insured's interest in the Property in the amount of Policy Amount: , subject to the terms, conditions, exceptions and requirements set forth in this Commitment; and

WHEREAS, the Proposed Insured is acquiring the interest from Seller/Vendor: pursuant to Contract Date: .

NOW, THEREFORE

In consideration of the payment of applicable fees and reliance by the Proposed Insured and upon the examinations described herein, Title Company hereby commits to issue to the Proposed Insured, upon the terms and subject to the conditions set forth in this Commitment, a title insurance policy of the type and in the amount described in Schedule A, insuring the ownership interest and liens, if any, described therein, subject to the requirements and exceptions contained in Schedule B.

1. DEFINITIONS

For purposes of this Commitment, the following terms shall have the stated meanings: "Policy" means the proposed title insurance policy to be issued by Title Company; "Property" means the real property described in Schedule A; "Matters" means any liens, defects, encumbrances, rights, or other matters reflected in the public record or otherwise disclosed in this Commitment.

2. COMMITMENT TO ISSUE POLICY

Subject to the provisions of this Commitment, Title Company commits to issue the Policy to the Proposed Insured, as owner or mortgagee as specified in Schedule A, in the amount of the Policy Amount set forth in Schedule A, conditioned upon compliance with all requirements set forth in Schedule B, Part I. Issuance of the Policy is also subject to the payment of all premiums, fees and charges customarily required by Title Company and to the completion of any acts required by this Commitment.

3. SCHEDULE A — TRANSACTION AND POLICY

The form and amount of the Policy to be issued are set forth below and shall be as requested by the Proposed Insured unless otherwise agreed in writing by Title Company.

4. SCHEDULE B — REQUIREMENTS (PART I)

The following are requirements to be satisfied prior to the issuance of the Policy. Each requirement is a condition precedent to Title Company's obligation to issue the Policy.

5. SCHEDULE B — EXCEPTIONS (PART II)

The Policy, when issued, will be subject to the following standard and special exceptions. The list below is not exhaustive of all possible exceptions; the Policy will set forth the precise exceptions contained herein.

6. CONDITIONS AND STIPULATIONS

6.1 Payment of Premiums. Title Company shall have no obligation to issue the Policy until all premiums, fees, charges and expenses due to Title Company have been paid in full.

6.2 Documents and Instruments. Title Company reserves the right to require that instruments, affidavits, escrow instructions, and any other documents deemed necessary to eliminate or satisfy a Matter be delivered to and accepted by Title Company prior to issuance of the Policy.

6.3 Taxes and Assessments. The Policy will not insure against loss or damage resulting from the nonpayment of taxes, assessments or other governmental charges which are liens, unless payment or release thereof is shown of record or is otherwise satisfied to the Title Company's reasonable satisfaction.

6.4 Survey and Physical Matters. Unless otherwise agreed in writing, Title Company will not be obligated to provide coverage for matters which would be disclosed by an accurate and complete survey, inspection or physical examination of the Property, including encroachments, boundary line disputes, and building setbacks.

7. EXCLUSIONS FROM COVERAGE

The Policy, when issued, will contain standard exclusions from coverage including, but not limited to, risks created, assumed, or agreed to by the Insured; facts ascertainable by inspection of the Property; governmental regulations; and matters created by an Insured or disclosed in the public record but not shown in this Commitment. Specific exclusions applicable to this Commitment are set forth in Schedule B, Part II.

8. NOTICE

Any notices required or permitted under this Commitment shall be in writing and delivered to the addresses set forth below. Delivery shall be made by personal delivery, nationally recognized overnight courier, or registered mail, postage prepaid.

9. GOVERNING LAW

This Commitment shall be governed by and construed in accordance with the laws of the State of Governing Law State: without regard to principles of conflicts of law.

10. ENTIRE AGREEMENT

This Commitment, including Schedules A and B attached hereto, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and representations, whether oral or written, relating to the matters addressed herein.

11. SEVERABILITY

If any provision of this Commitment is held to be invalid, illegal or unenforceable, the remaining provisions shall remain in full force and effect and shall be interpreted so as to best effectuate the original intent of the parties.

12. AMENDMENTS; WAIVER; COUNTERPARTS

This Commitment may be amended only by a written instrument executed by an authorized representative of Title Company. No waiver shall be effective unless in writing. This Commitment may be executed in counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument.

13. CERTIFICATION BY TITLE OFFICER

The undersigned Title Officer certifies that the Commitment accurately reflects the status of the title and the matters shown herein as of the Effective Date set forth above, subject to the requirements and exceptions set forth in Schedules A and B and subject to payment of all applicable premiums and fees.

Sign Now