Escrow & Title
In Colorado, a 'preliminary title report' (title commitment) includes which of the following?
AA. Only a list of current liens on the property
BB. The legal description, vesting (current ownership), Schedule B-I requirements to issue the policy, and Schedule B-II exceptions to coverage✓ Correct
CC. Only the property's tax history
DD. The appraised value of the property
Explanation
A Colorado title commitment contains: Schedule A (property description, proposed insured, amount, and current vesting); Schedule B-I (requirements that must be met before the policy will be issued); and Schedule B-II (exceptions from coverage — existing liens, easements, covenants). Reviewing the commitment carefully is essential before closing.
Related Colorado Escrow & Title Questions
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