The Commitment is a Title Insurance document and commits the company to insure. It reflects matters that appear on the record title as of the effective date and time, which may or may not appear in the final policy (i.e. mortgages, easements, liens, restrictions, etc.) as well as setting forth the requirements which must be met before the final policy is issued.
Schedule A: As soon as you receive the Title Commitment, carefully review the information on Schedule A. If you find any discrepancies contact your Real Estate Agent and Escrow Officer immediately.
Schedule B-1: Lists the requirements that must be met to close and issue policy. Carefully review for matters that are expected to be resolved before or at closing.
Possible requirements may include:
Schedule B-2: Lists exceptions to title. An exception is a specific item set forth that is not covered by the policy – something that is excluded from coverage.
Exceptions may be deleted or revised on the final policy. Examples: Payment of prior and current property taxes at closing will be amended to show paid current on final title policy and deeds of trust and mortgages paid at closing will be removed.
Policy endorsements can provide added coverage for additional fees.
*For exact terms, conditions, exclusions, and limitations, please contact your local TFC of Wyoming office.