The Title Commitment Explained
What is a Title Commitment?

A title insurance commitment is essentially an offer to issue a title insurance policy. The title commitment will describe the various conditions, exclusions and exceptions that will apply to that particular policy.

The title insurance commitment form used in Pennsylvania is a modified version of the American Land Title Association (ALTA) commitment form. This modified form has been adopted by the Title Insurance Rating Bureau of Pennsylvania and approved for use by the Pennsylvania Insurance Department. The commitment primarily consists of five parts: Schedule A; Schedule B-Section I; Schedule B-Section II; Schedule C, and the commitment jacket.

Once a title commitment is issued, the title insurance company has promised the proposed insured that if all the requirements set forth in Schedule B-Section I of the commitment are satisfied, the company will issue a policy of title insurance for the property described in Schedule C according to the terms described in both Schedule A and the commitment jacket. Schedule B-Section II of the commitment lists the risks that the underwriter proposes to exclude from coverage.

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What Is a Title Commitment?
A title commitment (or whatever name yours goes by) is basically the title company’s promise to issue a title insurance policy for the property after closing. The title commitment contains the same terms, conditions, and exclusions that will be in the actual insurance policy.
Almost every purchase and sale agreement contains language requiring the seller to provide the buyer with title insurance. Most all title companies across the country issue the title policy using forms distributed by the American Land Title Association (ALTA).
An owner’s title insurance policy protects you, as the new owner, in the event that an unknown issue affecting the property at the time the policy is issued later causes problems with your title to the property.
If you are taking out a mortgage for the property, your lender will additionally require a “lender’s policy,” also known as a “mortgagee’s policy,” which protects the lender against the same sorts of issues. (The lender is, after all, counting on the property as collateral, and doesn’t want to later discover that some unknown party has competing claims against it.)

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Note added at 22 mins (2015-01-14 23:06:14 GMT)
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Stewart Title Ltd., główny ubezpieczyciel transakcji firmy Stewart Information Services Corp. (NYSE:STC) w Europie i Australii ogłosił, że oferuje obecnie ubezpieczenia od wadliwego tytułu własności we wszystkich krajach Unii Europejskiej. Firma Stewart Title Ltd. jest jednym z głównych ubezpieczycieli oferujących ubezpieczenia od wadliwego tytułu własności i ubezpiecza obecnie transakcje warte 5 miliardów euro w samej tylko Europie Środkowej.

- Stewart Title oferuje pełne i wszechstronne ubezpieczenia od wadliwego tytułu własności w całej Unii Europejskiej i obniża ryzyko związane z transakcjami na rynku nieruchomości - mówi Steven Lessack, dyrektor generalny Stewart Title Ltd. - Nasz europejski zespół został powiększony, aby sprostać wymaganiom rynku i proponuje nowe polisy, aby sprostać wymaganiom klientów, z transakcjami międzynarodowymi włącznie.

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ALBO: "promesa ubezpieczenia od wadliwego tytułu własności'