Escrow & Title
In Minnesota, a title commitment issued before closing tells the buyer:
AThe exact sale price the lender will approve
BThe conditions under which the title company will issue a title insurance policy after closing✓ Correct
CThe list of repairs the seller must complete
DThe buyer's closing cost breakdown
Explanation
A title commitment (binder) is issued before closing and informs the buyer and lender of the conditions that must be met for the title company to issue a title insurance policy. It lists the exceptions to coverage, existing encumbrances, and requirements that must be satisfied (such as paying off a mortgage).
Related Minnesota Escrow & Title Questions
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