Posted by Daniel Bernal on 4/16/05 9:00pm
Msg #32266

Title closings

What is a mark up title/commitment binder?

Reply by BrendaTX on 4/16/05 9:12pm
Msg #32270

Posted in a recent thread:

Shannon to Jenny
Posted by Shannon_Va on 4/16/05 3:53pm
Msg #32226 from logged in user

A mark up/title commitment
When doing a title search, many title companes will send you a previous title policy on the property you are searching or a policy on another property that is in the same lot/block/section to use as a reference. When doing the search, instead or re writing out all the easments and restircions found, you mark up the policy they send you, meaning you write your information on their copy and adjust the information to reference your property you are searches if the policy sent is for a different property.
You can not rely on a commitment to do a search. You must use a policy. Commitments(or binder, same thing) are just that, a commitment. It is the preliminary policy and it shows what must be cleared in order to issue the policy.

Reply by PAW_Fl on 4/16/05 10:54pm
Msg #32276

This is probably the best definition that I have ever seen on what a title commitment is:

A Title Commitment is a promise to issue an insurance policy on a piece of property. A Title Commitment is equivalent to a binder for other types of insurance, which commits, or binds, the insurance company to issue the policy as set forth in the commitment.

It is published by Delta Title Corporation in their Title procedures.

Reply by Daniel Bernal on 4/17/05 12:00am
Msg #32283

Is it part of our job when we work for a title company?

Reply by Daniel Bernal on 4/17/05 12:00am
Msg #32284

Is it part of our job when we work for a title company?

Reply by Ninna_La on 4/17/05 12:54am
Msg #32289

This is not part of our job.

Reply by Ninna_La on 4/17/05 12:53am
Msg #32288

Marking up a title commitment or binder is the job function of the title company. (I did this for many years while working in the title/escrow industry.) Basically, the examiner examines title to the subject property. From that, a title insurance commitment or binder is written based upon his/her findings. The escrow person receives the title commitment and "marks up" the requirements page. The requirements page will show liens to be paid off... any deeds that are required to be recorded... any judgments that need to be determined whether they are against the owner or not, etc. Basically, the escrow person is marking up the commitment as to how he/she is going to satisfy the requirements of the commitment.