Escrow & Title
In a standard Illinois residential purchase, the title commitment typically includes 'Schedule B exceptions,' which are:
AA list of all past owners of the property
BItems that are excluded from the title insurance coverage, such as easements, restrictions, and taxes✓ Correct
CThe conditions that must be met before the title policy is issued
DThe names of all parties to be insured under the policy
Explanation
Schedule B of a title commitment lists exceptions to coverage — items that the title insurance will NOT cover, such as existing easements, restrictive covenants, recorded plat restrictions, current year's taxes, and other encumbrances. Buyers should carefully review Schedule B exceptions before closing.
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