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Section 1: Schedule A

Schedule A delivers key information about the title insurance policy, such as:

Effective Date: Reflects the date until which the title search was conducted. Any title issues found until this date will be outlined in the commitment.

Proposed Insured: Displays the potential buyer(s) and lender(s), if any.

Policy Amount : Represents the coverage amount provided by the title insurance policy. Usually, this is the purchase price for the owner's policy and the loan value for the lender's policy.

Estate or Interest: Describes the type of ownership interest (e.g., fee simple) in transition.

Legal Description: Offers a comprehensive property description, covering boundaries, lot number, and subdivision name.

Section 2: Schedule B-I (Requirements)

Schedule B-I enumerates the specific prerequisites that must be fulfilled before the title insurance policy is issued. These include:

Clearing of existing liens or mortgages.

Discharge of judgments, tax liens, or other burdens.

Proper execution and recording of the deed.

Settlement of property taxes.

Adherence to any property-related easements or restrictions.

It's imperative to familiarize yourself with and meet these requirements as they're pivotal for the closing process.

Section 3: Schedule B-II (Exceptions)

Schedule B-II details the standard and specific exceptions not covered by the title insurance policy. They encompass:

Standard Exceptions: Typical exclusions like boundary disputes, unseen easements in public records, or unlisted liens or encumbrances.

Specific Exceptions: Issues discovered during the title search that pertain to the property. Examples are recorded easements, CC&Rs (covenants, conditions, and restrictions), or other agreements.

It's essential to thoroughly inspect Schedule B-II since these exceptions indicate items not covered by the title insurance company. If any of the exceptions raise concerns, consult with your title agent or real estate attorney.