Escrow & Title
In New York, a 'title commitment' (or title binder) is a promise by the title company to:
AGuarantee the purchase price
BIssue a title insurance policy for the property, subject to noted exceptions and requirements✓ Correct
CComplete the closing within 30 days
DProvide a survey of the property
Explanation
A title commitment is the title company's preliminary commitment to issue a title insurance policy, subject to specific exceptions (matters affecting the title) and requirements (items that must be cleared before the policy is issued).
Related New York Escrow & Title Questions
- A 'lis pendens' filed against a New York property provides:
- In New York, a 'co-insurance' provision in a property insurance policy means:
- The 'abstract of title' in New York is:
- In New York, a 'certificate of title' differs from a title insurance policy in that a certificate of title:
- New York's recording act is a 'race-notice' statute, which means that to be protected, a subsequent purchaser for value must:
- A New York property is sold 'subject to' an existing mortgage. This means the buyer:
- In New York, which of the following would appear as an 'exception' in a title insurance policy?
- In New York, a 'construction loan title policy' protects the construction lender against:
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