Escrow & Title
A 'title binder' (or title commitment) in Georgia is:
AA. A final title insurance policy
BB. A preliminary commitment by the title insurer to issue a policy subject to clearing certain exceptions✓ Correct
CC. A document that binds the seller to the original listing price
DD. A lender's commitment letter for financing
Explanation
A title binder/commitment is the title company's preliminary commitment to issue title insurance, subject to the applicant meeting certain conditions and the removal of identified exceptions. It is not the final policy.
Related Georgia Escrow & Title Questions
- A 'ALTA survey' provides:
- In Georgia, a deed must be witnessed by how many witnesses to be eligible for recording?
- In Georgia, when does title to property actually transfer in a sale transaction?
- The HUD-1 Settlement Statement has been replaced for most mortgage transactions by:
- RESPA requires that when a seller requires the use of a particular title company as a condition of sale, the seller must:
- An owner's title insurance policy in Georgia protects:
- A short sale in Georgia occurs when:
- A lender's title insurance policy (loan policy) protects:
Practice More Georgia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Georgia Quiz →