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Product ID: 405765EAU
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Title Insurance Exceptions and Requirements

OnDemand Webinar (99 minutes)

Identify the key sections of the commitment for title insurance.Preparation for the real estate closing requires familiarity with title insurance commitment, policy and endorsement forms. Eliminating roadblocks to closing requires transaction counsel to provide the title insurer with timely documentation, an explanation of client expectations and a perspective on the transaction that may not be apparent from the public land records alone. Insight in how to work with the title agency and work as a team in order to maximize coverage is important in advancing client objectives.


Duane H. Wunsch, Fidelity National Title Group, Inc.


Key Sections of the Title Commitment

Insurer's Obligations Under a Title Commitment

• What Is the Commitment?

• Parties Covered

• Reliance

• Commitment Requirements

• Premium

• Termination

• How the Commitment Is Modified

Reviewing Schedule a of the Title Commitment

• Ensuring Names, Dates and Other Important Elements Match

• Have Any Title Issues Arisen Since the Commitment Date?

• Ensuring the Legal Description Is Complete and Accurate

• Appurtenant Easements, Parking Spaces and Amenities: Insurable?

Establishing Identity, Capacity and Authority

• Individuals

• Entities

• Pitfalls of Pending Litigation, Foreclosure and Bankruptcy

• Unsatisfied Mortgages

• Homeowner's Association Liens

• Mechanic's Liens

• Judgment Liens

• Federal Tax Liens

Schedule B-II of the Title Commitment

• Standard Exceptions Explained

• Special Exceptions: Liens, Easements and Other Considerations

Negotiating Removal of, or Affirmative Coverage for, Exceptions

• Standard Exceptions

• Covenants, Conditions and Restrictions

• Easements

• Rights of Re-Entry, Reversions and Reverters

• Options to Purchase, Rights of First Refusal

• Life Estates and Remainders

• Leases

• Article 9 Security Interests

• Mineral Rights

Obtaining Title Insurance Endorsements

• Why Endorsements?

• How to Obtain Endorsements That Fit the Situation

• Underwriting Criteria: What Is the Title Insurer Looking for?

• Standard Alta Endorsements

• Commercial Alta Endorsements

Closing Protection Letters (CPL's)

• Purpose of the CPL

• ALTA CPL Forms

• CPL Limitations on Availability

• Conditions and Exclusions in the CPL

• Approved Attorneys and CPL's