Escrow & Title
In Kansas, what is the primary purpose of a title commitment issued before closing?
ATo guarantee the property is free of all liens
BTo show the current condition of title and what exceptions will appear in the final policy✓ Correct
CTo set the purchase price
DTo transfer ownership from seller to buyer
Explanation
A title commitment discloses the current state of title, including any liens, easements, or encumbrances, and specifies conditions for issuing the title insurance policy.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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