Title Commitments & Insurance

A title commitment is a promise to issue a title insurance policy on a particular piece of property. It is similar to a binder that would be issued for other types of insurance.

Typically, there are five parts to a title commitment:

1. The parties insured.
2. The amount of the insurance coverage.
3. The legal description of the property to be insured.
4. Exclusions from coverage, or what is not being insured.
5. Conditions that must be met before the policy will be issued (e.g. a survey, an affidavit of taxes paid, satisfaction of outstanding judgments, payoffs of existing mortgages).

Once the title insurance policy is issued, the policy holder (usually the owner of the subject property or a mortgage lender) has protection against many of the perils inherent in real estate transactions. Those perils may jeopardize the property owner's or mortgage lender's interest or, at the very least, cause problems in subsequent transactions. Just some of the many perils usually covered by a policy of title insurance include:

• Clerical errors.
• Forgery, fraud, incompetence, or incapacity of the signatory.
• Owners or claimants omitted from the chain of title.
• Unknown heirs who may claim an interest in the property.
• Surveyor errors.
• Mechanic's liens filed after the transfer of title but within the statutory limit.

At Closing Management, LLC, our Connecticut real estate lawyers can assist you in obtaining title commitment and title insurance policies. Our attorney knows how important it is to protect your interests against the multitude of things that can go wrong in a real estate transaction, and wants to be sure you are protected.

Contact Closing Management, LLC today for a free initial consultation. Our real estate closing lawyers offer real estate transaction services to lenders and individuals in Stamford, New Haven, New London, Danbury, Bridgeport, Waterbury, Hartford, Middletown, Hartford County, New Haven County, Middlesex County, Tolland County, Windham County, New London County, Fairfield County, Litchfield County, and other areas of Connecticut.