Escrow & Title
In South Dakota, a 'title commitment' (also called a title binder) issued by a title company:
AGuarantees the final sale price of the property
BCommits the title company to issue a title insurance policy if certain conditions (exceptions) are resolved before closing✓ Correct
CIs a government certification of clear title
DReplaces the need for an attorney's title opinion
Explanation
A title commitment is the title company's agreement to issue title insurance, subject to stated conditions and exceptions that must be resolved before the policy is issued. It identifies the current state of title and any conditions (like paying off existing liens) that must be satisfied at closing.
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