What is a Title Commitment?

A title commitment is a report issued by a title insurance company or its agent. The title commitment describes the property and sets forth the record title owner. Schedule B-I of the title commitment lists title requirements which must be satisfied prior to closing. These requirements may include payoff of liens or judgments and any necessary corrective deeds or other documents. Schedule B-II of the title commitment lists certain exceptions such as easements, oil and gas leases, restrictive covenants and future property taxes.