What is the difference between a Title Opinion and a Title Commitment?

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A title commitment title binder title opinion title report The Title Commitment is the instrument provided by the title agency as the "binding" instrument to insure the loan and/or the new owner of the property as to the prior owners' acts against the property. What the exact instrument to insure is called varies from state to state, but in all cases, it is the preliminary instrument "binding" the insurance to eventually issue a final title insurance policy once all conditions and requirements sited in the Commitment/Binder have been satisfactorily met.

A Title Commitment is a result of a title search of the public records. It carries no liability and does not insure the addressee of the accuracy of the information. A Title Commitment is written in anticipation of a future Title Insurance Policy. A Title insurance policy insures someone or some entity against a possible loss. Example: John Smith purchases a property and he has title insurance and the policy is dated Jan 2, 2008. John Smith insured by the title insurer that he has free and clear title subject to the exceptions in his title policy. TitleExaminer237 http://sites.google.com/site/michigantitleexaminerportal/

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Exhibit "A" in a title commitment is referring to the legal description of the property. It is also sometimes referred to as Schedule "A".

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A title commitment is just what it is. It's a commitment. Meaning as long as all of the conditions are met on that commitment, after closing, title insurance will be issued. A commitment is not considered insurance. Your title is not insured until after closing when the new deed and/or mortgage has been recorded. At that point, the title company issues insurance. If you are buying a new home and depending on where you are, you should receive your title policy about 60 days after closing along with either the original or a copy of your deed.

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Generally, the title examination isn't ordered until there has been mortgage commitment. The reason is that people (buyers) don't want to pay for a title examination if the mortgage isn't approved. However, some lenders give a preliminary commitment that depends on the title being free of defects. In that case they want the title report a couple of weeks before the closing is scheduled.

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An attorney's or title company attorney's professional judgment of the owner's rights to the property, following ahttp://www.answers.com/topic/title-search by the attorney. Example: Based on an attorney's title opinion, the Title Company issued a Title Insurance policy. Please refer to http://www.answers.com/topic/title-opinion for more information. Hope this help!

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A deed is used to transfer the title (ownership) of real property to a new owner. Title insurance is a way for the new owner to insure themselves from any loss resulting from any title defect that is discovered during their ownership of the property. The most common time that title defects are discovered is when you refinance your property or sell it. At those times the title is examined by the bank attorney or by the prospective buyer's attorney. The difference is similar to the difference between your certificate of title that is proof you own your car and your car insurance.

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