Identify the key sections of the commitment for title insurance.
Preparation for the real estate closing requires familiarity with title insurance commitment, policy and endorsement forms. Eliminating roadblocks to closing requires transaction counsel to provide the title insurer with timely documentation, an explanation of client expectations and a perspective on the transaction that may not be apparent from the public land records alone. Insight in how to work with the title agency and work as a team in order to maximize coverage is important in advancing client objectives.
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Agenda
Key Sections of the Title Commitment
Insurer's Obligations Under a Title Commitment
- What Is the Commitment?
- Parties Covered
- Reliance
- Commitment Requirements
- Premium
- Termination
- How the Commitment Is Modified
Reviewing Schedule a of the Title Commitment
- Ensuring Names, Dates and Other Important Elements Match
- Have Any Title Issues Arisen Since the Commitment Date?
- Ensuring the Legal Description Is Complete and Accurate
- Appurtenant Easements, Parking Spaces and Amenities: Insurable?
Establishing Identity, Capacity and Authority
- Individuals
- Entities
- Pitfalls of Pending Litigation, Foreclosure and Bankruptcy
- Unsatisfied Mortgages
- Homeowner's Association Liens
- Mechanic's Liens
- Judgment Liens
- Federal Tax Liens
Schedule B-II of the Title Commitment
- Standard Exceptions Explained
- Special Exceptions: Liens, Easements and Other Considerations
Negotiating Removal of, or Additional Coverage for, Exceptions
- Standard Exceptions
- Covenants, Conditions and Restrictions
- Easements
- Rights of Re-Entry, Reversions and Reverters
- Options to Purchase, Rights of First Refusal
- Life Estates and Remainders
- Leases
- Article 9 Security Interests
- Mineral Rights
Obtaining Title Insurance Endorsements
- Why Endorsements?
- How to Obtain Endorsements That Fit the Situation
- Underwriting Criteria: What Is the Title Insurer Looking for?
- Standard ALTA Endorsements
- Commercial ALTA Endorsements
Closing Protection Letters (CPLs)
- Purpose of the CPL
- ALTA CPL Forms
- CPL Limitations on Availability
- Conditions and Exclusions in the CPL
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Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on April 26, 2019.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Duane H. Wunsch
Fidelity National Title Group, Inc.
- Wisconsin State Counsel for Fidelity National Title Group
- Over 30 years of experience, including searching and examining titles, closing transactions, and handling title insurance claims
- Member of the State Bar of Wisconsin and the Milwaukee Bar Association
- Past President of the Wisconsin Land Title Association
- J.D. degree, Emory University; B.A degree, UW - Madison
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Why Lorman?
Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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