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![]() ![]() You should make sure to have your attorney (if you have one) review it as well. ![]() You may or may not be afforded the opportunity to see this document prior to closing, but you should make every effort to review it prior to closing. Prior to issuance of the title insurance policy at closing, a title commitment will be prepared. For instance, a title defect resulting from a forgery would not be revealed in a search or examination of the public records but would be covered by the title insurance policy. It provides a source of indemnification to the named insured if he or she is damaged by a negligent or bad title search or examination and also from hidden defects that would not be discovered in a title search. The title company searches and examines documents related to the ownership of and items affecting the property prior to issuing a policy. The title company contracts with the insured person named in the policy to protect against financial loss related to the title, as well as the cost of defending the title in court. Title insurance policies are issued by title insurance companies. What is title insurance, and why is it needed? A title insurance policy insures the status of title in the name of the owner of the policy. During the examination a title examiner reviews the applicable title information to determine who owns the lands, whether there are any defects in or claims against the ownership and whether any action is needed to make sure the purchaser obtains good record title to the property at closing.Ģ. An abstract of title is a collection of public records relating to the ownership of a parcel of real estate. What is a title examination or abstract? A title examination is a study of the records related to the ownership history of the property and sometimes of other matters related to ownership interests in the property. What type of deed will be conveyed? See D below.ġ.Whose responsibility is it to pay for governmental special assessments that arise prior to closing?.Are there Realtors® involved? If so, who pays the commission? Is the commission payable even if the sale does not close?.What are the remedies if the buyer or seller defaults under the contract?.Are any of the boundary lines in dispute?.What persons (such as husbands or wives) are required to sign and accept the offer?.If your offer is accepted, who bears the risk of loss if the property is damaged prior to closing?.Are there any restrictions on the use of the property?.If termite damage is found, will the seller pay the cost of repairs?.If a loan is to be obtained from an outside lender, who will pay the loan closing costs?. ![]()
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