Escrow & Title
A New York title insurance commitment (binder) is best described as:
AA guarantee that the property is free of all defects
BA preliminary report from the title company showing the current state of title and the conditions under which it will issue a title insurance policy✓ Correct
CA final title insurance policy issued at closing
DA lender's commitment to provide mortgage financing
Explanation
A title commitment (or title binder) is a report from the title company showing the current condition of title — including liens, encumbrances, and exceptions — and the requirements and conditions the title company will require before issuing a final title insurance policy. It is issued before closing and reviewed by the attorneys.
Related New York Escrow & Title Questions
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