This document is UTitle’s “commitment” to eventually issue a policy on the property. The title commitment is composed of Schedules A, B, C and D.
Schedule A informs the reader of who the proposed buyer is as well as who is in title. It also lists the coverage amounts for the eventual Owner’s Title Policy (the sales price) and Lender’s Title Policy (the loan amount).
Schedule B describes aspects of the property that will not change. Any easements, leases, mineral reservations, plat restrictions and maintenance charges are listed on Schedule B.
Schedule C items must be cleared before closing can take place.
Schedule D is a disclosure for the title company and its underwriter. Both companies’ officers are provided, and the proposed premium is listed along with the split between the title company and the underwriter.