Property: Preliminary Title Report / Title Commitment

A preliminary title report, also known as title commitment, is a document that is prepared by a title company to provide information about the ownership of a property and any liens or encumbrances that may affect the title. Schedule A is the first part of a title commitment, which is a document that outlines the terms and conditions of a title insurance policy.

In Schedule A—

Context: Identifying the document.

1. Document title: Title Insurance Commitment, Preliminary Title Report, etc.

2. Schedule A title

Key takeaways: Important information.

1. Owner’s policy

2. Loan policy

3. Subject property current owner on record title

4. Subject property legal description

Notes on Schedule A:

• Owner’s policy amount must match the purchase price. Proposed insured must match all borrowers.

• Loan policy amount must match loan amount. Proposed insured must match company mortgagee clause (below).

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In Schedule B—

Context: Identifying the document.

1. Schedule B title

Key takeaways: Important information

1. Most recent year’s real estate taxes

2. Chain of title ≥24-months

Notes on Schedule B:

• Chain of title might be found on a separate page.