The title insurance commitment is like a mortgage loan commitment. The marking up by the title agent is like the mortgage loan underwriter clearing conditions. Marking up takes place at the time of closing as a final check list by the title agent that all issues have been complied with and then final instructions are given to staff for preparation of the policies. Exceptions are not removed form commitments. They are removed from policies. The following notes demonstrate how the Schedule B2 of the title commitment for the redacted file will be marked up at closing:
1. out
2. 300
3. NYDP
4. out
5. NYDP
6. 100
7. limit loan
8.
9.
10.
11. 100
12.
13.
14. 300
15.
16.
17.
18.
The items not marked stay as is in the loan policy. Items marked "out" will be removed. NYDP means "not yet due and payable" and that language will be added in the policy. Endorsement 300 is the PA survey endorsement. Items marked 300 will be removed from the loan policy by way of the language in the endorsement. Endorsement 100 is the PA restrictions & covenants endorsement. Items marked 100 will be removed from the loan policy by way of the language in the endorsement. "Limit loan" on #7 means language will be added to the loan policy which limits the exception to under surface operations.
