Title Commitment; Title Policy Clause Samples
The "Title Commitment; Title Policy" clause establishes the requirement for the seller to provide the buyer with a commitment from a title insurance company to issue a title insurance policy for the property being sold. In practice, this means the seller must obtain and deliver a preliminary report (the title commitment) that outlines the current status of the property’s title, including any liens, encumbrances, or exceptions, and then ensure that a final title insurance policy is issued at closing. This clause is essential for protecting the buyer against defects in the title and ensuring that the buyer receives clear and marketable ownership, thereby reducing the risk of future disputes over property ownership.
Title Commitment; Title Policy. “Title Commitment” means a Commitment for Issuance of an Owner Policy of Title Insurance by Title Company, as agent for Underwriter, stating the condition of title to the Land. The “effective date” stated in the Title Commitment must be after the Effective Date of this contract. “Title Policy” means an Owner Policy of Title Insurance issued by Title Company, as agent for Underwriter, in conformity with the last Title Commitment delivered to and approved by Buyer.
Title Commitment; Title Policy. Seller has no obligation to provide Purchaser with a commitment for title insurance covering the Property. Prior to the auction event at which the Property is being sold, an attempt was made to include such a commitment in the electronic information made available to all prospective bidders on the Internet. At Closing, at Purchaser’s sole cost and expense as set forth in Section 13 hereof, Seller will cause an owner’s policy of title insurance covering the Property in the full amount of the Purchase Price (the “Title Policy”) to be issued to Purchaser by a title insurance company selected by Seller in its sole discretion (the "Title Company," provided, however, if the Property is of a residential nature designed principally for the occupancy of from one to four families, the Title Company will be selected and agreed upon by ▇▇▇▇▇▇▇▇▇ and Seller). Purchaser has no right to raise any objection to, nor does Seller have any obligation to eliminate or modify, any easement, lien, imposition, encumbrance, restriction, condition, covenant, or any other matter with respect to the Property, whether of record or not, or whether evidenced by a title commitment, survey, or otherwise. Purchaser hereby acknowledges and agrees that all such matters are permitted encumbrances hereunder and that conveyance of the Property pursuant to this Contract will be subject thereto.
Title Commitment; Title Policy. Buyer shall procure a commitment for an owner’s policy of title insurance (the “Title Commitment”) issued by the Title Company on the ALTA 2006 Owner’s Policy form (or other form acceptable to Buyer) with Extended Coverage, in which the Title Company shall agree to insure, for the full amount of the Purchase Price, merchantable fee simple title to the Property in the name of Buyer, free from the Schedule B standard printed exceptions and all other title exceptions except those title exceptions which are acceptable to Buyer, in its sole discretion (the “Permitted Exceptions”), after delivery of the Deed (as defined below) to Buyer from Seller. The Title Commitment shall cover and include any easements and other rights appurtenant to the Property. The Title Commitment shall have attached thereto complete, legible copies of all instruments noted as exceptions thereto. At Buyer’s option, the Title Commitment shall be updated prior to the Closing to reflect the state of title not more than ten (10) days prior to the Closing. Buyer shall pay any and all costs and expenses related to the title insurance, including all search fees, closing fees, and the premium for the owner’s title insurance policy and any endorsements requested by Buyer (collectively, the “Title Policy”) issued pursuant to the Title Commitment. At Buyer’s request, the Title Policy shall include, to the extent available under applicable law: (i) a zoning endorsement in a form acceptable to Buyer; (ii) an access endorsement to affirmatively insure access to and from the Property; (iii) a utilities endorsement to affirmatively insure that the Property has access to and is serviced by applicable, specified utility services; (iv) affirmative coverage of and for any appurtenant easements; (v) a contiguity endorsement, if the Property is comprised of two or more parcels; and (vi) any other title endorsements reasonably requested by ▇▇▇▇▇ or ▇▇▇▇▇’s lender.
Title Commitment; Title Policy. At Closing or as soon as reasonably practicable after Closing, Seller shall cause the Title Company to issue to Purchaser an ALTA Owners Policy of Title Insurance -2006 Form, satisfactory to Purchaser (the “Title Policy”).
Title Commitment; Title Policy. (a) Within two days following the Effective Date or, if such day is not a business day, the next business day, Seller shall cause to be ordered a commitment for Owner’s Title Insurance Policy (“Commitment”) issued by Title Company setting forth the state of title to the Property and all exceptions and restrictions of record including deed restrictions, lien and covenants with copies of all documents affecting the Property reflected in the Commitment (“Title Documents”). As soon thereafter as practical, but in no event more than 10 days after the Effective Date or, if such day is not a business day, the next business day, Seller shall cause to be delivered to Purchaser a copy of the Commitment. In the event any exceptions appear in such Commitment or Title Documents, other than the standard printed exceptions, state, county or city ad valorem taxes and/or assessments not yet delinquent, that are unacceptable to Purchaser, then Purchaser shall, within 25 days following the Effective Date or, if such day is not a business day, the next business day, notify Seller in writing of such fact. Any such exceptions not objected to by Purchaser, together with the standard printed exceptions, state, county or city ad valorem taxes and/or assessments not yet delinquent, shall be deemed “Permitted Exceptions.”
(b) Within two days following the Effective Date or, if such day is not a business day, the next business day, Seller shall provide Purchaser with the most recent survey of the Property in its possession and Purchaser shall order (unless Purchaser elects not to order a survey and to accept a title policy that is subject to all exceptions and other matters removal or modification of which requires that a survey be delivered to Title Company), at Purchaser’s sole cost and expense, a current as-built ALTA survey of the Property (the “Survey”). The Survey shall be certified to Seller, Purchaser and Title Company. As soon thereafter as practicable, but in no event more than 20 days following the Effective Date or, if such day is not a business day, the next business day, Purchaser shall cause to be furnished to Seller a copy of the Survey. If the Survey indicates the presence of any encroachments by or upon the Property, or other matters which do or could materially adversely affect Purchaser’s use or operation of the Property, and Purchaser gives Seller notice of such matters within 25 days following the Effective Date, or if such day is not a business day, the next bu...
Title Commitment; Title Policy. Seller has no obligation to provide Purchaser with a title commitment or an owner's policy of title insurance covering the Property. Purchaser may elect to purchase same at its own expense from a title FDIC Standard QCD Form Real Estate Purchase and Sale Contract- Page 1 fdicformresalescontract_QCD_recorp_040411_final.doc Revised 04/04/11 company of its own choosing, which shall in no event delay Closing or cause Closing to occur other than as set forth in Section 11 of this Contract. Purchaser has ho right to raise any objection to, nor does Seller have any obligation to eliminate or modify, any easement, lien, imposition, encumbrance, restriction, condition, covenant, or any other matter with respect to the Property, whether of record or not, or whether evidenced by a title commitment, survey, or otherwise. Purchaser hereby acknowledges and agrees that all such matters are permitted encumbrances hereunder and that conveyance of the Prope1iy pursuant to this Contract will be subject thereto.
Title Commitment; Title Policy. Seller has no obligation to provide Purchaser with a title commitment or an owner's policy of title insurance covering the Property. Purchaser may elect to purchase a title commitment or owner's policy at its sole expense from a title company of its choosing, but such election shall in no event delay Closing or otherwise modify any term of this Contract.
Title Commitment; Title Policy. “Title Commitment” means a Commitment for Issuance of an Owner Policy of Title Insurance by Title Company, as agent for its Underwriter, stating the condition of title to the Land. The “effective date”; stated in the Title Commitment must be after the Effective Date of this contract. “Title Policy” means an Owner Policy of Title Insurance issued by Title Company, as agent for its Underwriter, in conformity with the last Title Commitment delivered to and approved by Buyer. Buyer has until Thirty six days after the effective date (“Title Objection Deadline”) to review the Title Commitment and the copies of the title instruments referenced in same and notify Seller of Buyer’s objections to any of them (“Title Objections”). Buyer will be deemed to have approved all matters reflected by the Title Commitment, to which Buyer has made no Title Objection by the Title Objection Deadline. The matters that Buyer either approves or is deemed to have approved are “Permitted Exceptions.” If Buyer notifies Seller of any Title Objections, Seller has five days from receipt of Buyer’s notice to notify Buyer whether Seller agrees to cure the Title Objections before closing (“Cure Notice”). If seller does not timely give its Cure Notice or timely gives its Cure Notice but does not agree to cure all the Title Objections before closing, Buyer may, within five days after the deadline for the giving of Seller’s Cure Notice, notify Seller that either this contract is terminated or Buyer will proceed to close, subject to Seller’s obligations to remove all exceptions that arise by, through, or under Seller after the Effective Date, and cure only the Title Objections that Seller has agreed to cure in the Cure Notice.
Title Commitment; Title Policy. The parties acknowledge that the Title Company has issued in favor of Purchaser that certain Commitment For Title Insurance No. 08-0057 dated with an Effective Date of February 18, 2008 for the issuance of an ALTA Owners Policy of Title Insurance-2006 Form (the “Title Commitment”). At Closing or as soon as reasonably practicable after Closing, Seller shall cause the Title Company to issue to Purchaser an ALTA Owners Policy of Title Insurance -2006 Form, in accordance with the Title Commitment (the “Title Policy”).
Title Commitment; Title Policy. Not later than twenty (20) days ------------------------------ from the Notice Date, Buyer shall, at Buyer's expense, procure from a title agent selected by Buyer, a Commitment for Owner's ALTA Title Insurance, Marketable Form B, with extended coverage over the general exceptions issued by a title insurance company ("Title Company") ("Commitment") setting forth the state of title to the Premises and all exceptions and restrictions of record including deed restrictions, liens and covenants. Said Commitment shall indicate that Seller is the sole owner of the Premises, which it is fully authorized to convey the Premises and it shall indicate the amount of any real estate taxes attributable to the Premises. Along with such Commitment, Buyer shall also obtain copies of all documents affecting the Premises and reflected in the Commitment.