Wednesday, August 01, 2007

query: are the exclusions in a title insurance contract binding

Yes, I would argue that they are binding. This is way it's so important to review your title insurance commitment prior to closing. You need to look at those exclusions so you understand them. Folks who want to rush to close without taking time to really understand the title may have regrets later on.

We provide copies of the commitment to both the lender and the consumer as soon as it's issued. There are some circumstances in which the consumer has scheduled the closing before the final search results are in. In those cases we may be issuing the title commitment on the day of closing and the consumer is taking their first peek at the exclusions at the closing table. I'd rather they wait and take time to understand the transaction but it's their choice and we aims to please.

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