Title Commitment is the title insurance company's preliminary report that summarizes the property's ownership history and identifies any issues that must be resolved ("cleared") before the policy can issue. Surfaces open liens, judgments, missing assignments, broken chain of title, encroachments, easements.
Reviewed before Clear to Close. Conditions found ("title curatives" or "title cures") must be satisfied before the lender will fund.
The commitment converts to an Owner's Policy and Lender's Policy at closing. Lender's Policy is required for every real estate loan; Owner's Policy is optional but strongly recommended.
See also: Title Cure.