Escrow & Title
What is 'title commitment' (title binder) in a Delaware real estate transaction?
AA final title insurance policy issued at closing
BA preliminary document issued by a title company committing to issue a title insurance policy subject to specified conditions and requirements✓ Correct
CA commitment by the seller to deliver clear title at closing
DA financial commitment from the lender to fund the mortgage
Explanation
A title commitment (or title binder) is a preliminary document from the title insurance company indicating it will issue a title policy for the described property upon the closing of the transaction, subject to meeting the stated requirements and exceptions.
Related Delaware Escrow & Title Questions
- In Delaware, which of the following is TRUE about the escrow process in a residential closing?
- What is a 'condominium rider' or 'PUD rider' in a Delaware mortgage?
- What is 'adverse possession' versus 'prescriptive easement' in terms of title rights?
- What is 'title opinion' from an attorney in a Delaware closing?
- What is a 'deed of trust' and how does it differ from a traditional mortgage in Delaware?
- What is a 'deed tax' in Delaware?
- What is Delaware's 'Marketable Title Act' and how does it simplify title searches?
- Delaware is considered an 'attorney closing state,' which means:
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →