This explanation may help you understand the contents of the title commitments you receive from Empire West Title.
This is the information submitted to our title department by the escrow officer. It contains the basic information given to us by the buyer or real estate agent such as the legal description of the property, sales price, loan amount, lender, name, and marital status of buyer and seller.
The Schedule B “exceptions” are items which are tied to the subject property. These include Covenants, Conditions, and Restrictions (CC&Rs), easements, homeowner’s association by-laws, leases, and other items which will remain of record and transfer with the property. They are referred to as “exceptions” because the buyer will receive a clear title “except” the buyer’s rights will be subject to conditions in the CC&Rs, recorded easements, and so forth.
These are items that we need to delete and/or record in order to provide a clear title to the property. Items that need to be addressed may include:
- Current property-tax status
- Any assessments that are owned such as those for a homeowners association
- Any encumbrances (or liens) on the property
Sometimes items show up against a property because another person has a name similar to an involved party. This is one of the reasons that you are asked to fill out an Identity Statement to determine if items may be inaccurate and can be deleted.