Posts Tagged ‘title commitment vs title insurance policy’
Clarifying Title Commitment Versus Title Insurance
Question: In a recent column, you said that the title company would have no responsibility if the title commitment negligently failed to discover a “cloud on the title.” Isn’t that what title insurance is for? Can you please clarify? Answer: I was trying to explain the difference between a title commitment and a title insurance…
Read MoreTitle Commitment is Different From Title Insurance
Question: We recently purchased a home in Peoria. After we signed the purchase contract, we got a “title commitment.” After we closed on the sale, we got a “title insurance policy.” What is the difference? Answer: A title commitment is generally issued by a title insurance company shortly after opening of escrow. In…
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