Aside from the many other factors involved in buying a home, an Orlando title commitment is one that should be done correctly–the first time. But, what is a title commitment?
At Prominence Title and Escrow, we understand there can be unclear jargon associated with the real estate process. That’s why we find it paramount to educate our readers about what an Orlando title commitment is and what to expect. Our mission is to inform buyers about the documents they’re signing to establish complete transparency. Allow us to be your go-to resource for an Orlando title commitment!
What Is A Title Commitment?
When receiving an Orlando title commitment, you’re receiving a report that outlines ownership specifics and details regarding the property you’re looking to buy. This report is prepared prior to issuing a policy of title insurance to clear unwanted liens and encumbrances. The purpose of a title commitment is to provide buyers with the opportunity to review the report prior to purchase.
Hiring a title insurance company is ideal to ensure the title is clear prior to closing. Prominence Title and Escrow strives to maintain transparent relationships with our clients throughout the entire process. We want to make title insurance the least of your concerns.
What Should My Title Commitment Tell Me?
Your title commitment will include many of the same terms, conditions, and exclusions that will also be in the title insurance policy. Before moving forward, be sure to review your title insurance coverage and ownership rights. An Orlando title commitment will note the degree, quantity, nature, and extent of the owner’s interest in the real property in a statement of vesting. Note that the most common form of vesting interest is “fee simple” or “fee,” which is the highest interest an owner can have.
Interests from third parties are not uncommon in a title commitment, so be sure an educated & experienced company, like Prominence Title and Escrow, clears unwanted items prior to purchasing. This is when a title insurance company comes in handy in working with real estate agents to handle the clearing of undesired liens and encumbrances.
For more in-depth information on title commitments, check out the FAQs on our website. Prominence Title and Escrow would be honored to assist you in any way we can!