Escrow & Title
What is the purpose of a title commitment in Virginia?
ATo set the purchase price
BTo show the current state of title and commit to insure after specified exceptions are resolved✓ Correct
CTo guarantee the property condition
DTo certify the survey is accurate
Explanation
A title commitment (title binder) is the title company's preliminary report showing the current title condition, listing exceptions, and committing to issue a title insurance policy if exceptions are cleared.
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