PRELIMINARY TITLE INSURANCE COMMITMENT Sample Clauses
The Preliminary Title Insurance Commitment clause outlines the insurer's initial agreement to provide title insurance for a property, subject to certain conditions and exceptions. This document details the current status of the property's title, lists any liens, encumbrances, or defects, and specifies the requirements that must be satisfied before the final policy is issued. Its core function is to inform all parties of potential title issues early in the transaction, allowing them to address problems before closing and ensuring a clear transfer of ownership.
PRELIMINARY TITLE INSURANCE COMMITMENT. Within fifteen (15) days after the Effective Date, Seller shall provide Buyer with a current preliminary commitment for owner's title insurance with extended coverage (ALTA Form 1970-B, as revised in 1984 or if unavailable, Form B-1987) issued by the Closing Agent, with copies of all documents listed as exceptions set forth therein.