Escrow & Title
What is a 'title commitment' in a South Carolina real estate transaction?
AThe buyer's commitment to purchase the property
BA title company's promise to issue a title insurance policy subject to specified conditions✓ Correct
CThe seller's commitment to convey good title
DThe attorney's commitment to conduct the closing
Explanation
A title commitment (binder) is the title company's agreement to issue a title insurance policy upon the satisfaction of specified requirements and conditions. It shows what exceptions will be in the 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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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