How To Save With Presidential Title

We help your buyers and sellers save on title fees (in most states).

It Is Imperative To Carefully Review Any Exceptions Listed.

Before issuing the title commitment, the title company researches public records and excludes from insurance coverage any items that might affect the title to the property. These exclusions are known as “exceptions.” If, during your period of ownership of the property, problems stemming from an exception are encountered, they will not be covered by the title insurance policy. While many exceptions are common and not of concern, some can be problematic, impacting ownership or use of the property. Exceptions might also be significant because they entail expenses relating to the property, such as covenants requiring payments to the homeowner’s association. For these reasons, it’s vitally important that you and/or your attorney examine the title commitment carefully, understand the exceptions, and determine whether any are unacceptable. Resolving any issues found in the title commitment before buying the property can save you from serious headaches in the future.

Key Areas to Verify for Accuracy in a Title Commitment

To ensure accuracy, it's crucial to scrutinize several key components of the title commitment. Misinformation in these areas can lead to legal complications down the road. Focus on verifying:

• Owner’s Policy Information: Confirm that the details align with the contractual agreements.
• Policy Amount: Ensure that the coverage amount is correct and reflects the agreed purchase price.
• Buyers’ and Sellers’ Information: Check that all personal details are accurate and match official identification documents.
• Legal Description of the Property: Review this to ensure it correctly describes the property you intend to purchase.

Additionally, underwriters may alter exceptions and exclusions by adding endorsements, so it's essential to be aware of any changes.

Consultation and Reporting

Given the complexity and importance of these documents, consider discussing the title commitment in detail with your agent or attorney. They can provide valuable insights and help identify any discrepancies or potential issues that might need correction. Addressing these discrepancies promptly can prevent future legal headaches, ensuring a smoother transaction process.

Questions? Call Vincent Hoss @ 888-240-8432