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What is an examination in a title commitment?In: Title Insurance |
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Answer
An Exam refers to the examination of Public Records relating to the property in question. Most states now allow Public records to be viewed online far enough back for Title Insurers to obtain clear title or reveal any title defects that would need to be corrected before the transaction can be completed. There are still states out there though that require someone to physically go to the courthouse and examine the recorded Public Records. Therefore, costs of the exams vary radically. Florida, however, has just determined that the exam should be included in the cost of the Title Insurance and cannot be shown as a separate charge on the Settlement Statement.
The examination does not appear in the Title Commitment, so I hope I have provided the information you were looking for.
First answer by Pegasus1995. Last edit by Pegasus1995. Contributor trust: 41 [recommend contributor]. Question popularity: 20 [recommend question]
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