Please get title insurance if you are purchasing real estate.
The “title commitment” will be divided into these four (4) parts:
- Schedule A – (very important) – shows who owns the land being sold or used as collateral for a loan.
- Schedule B – (very very important) – shows all the items which affect the land – such as easements, liens, recorded leases, other items which could be problems. Your insurance policy will not cover these Schedule B items if they become problems in the future. If you do not read anything else in the title commitment, please read Schedule B.
- Schedule C – shows what the title company/closer will have to do so you can get an insurance policy – such as “make sure taxes are paid; make sure a previous lien is released”. Your closer will take care of these items
- Schedule D – shows the costs of the insurance policy.