Escrow & Title
A Nebraska title insurance commitment is issued by the title company to:
AGuarantee the property is free of all defects
BIndicate its willingness to issue a title insurance policy upon satisfaction of listed requirements✓ Correct
CAppraise the property at no charge to the buyer
DReplace the need for a title search
Explanation
A title commitment (or preliminary title report) is the title company's conditional agreement to issue a title policy. It identifies any requirements (e.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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