Foreclosure Law Definitions

Preliminary Commitment

A binding contract with a title company to issue a specific title plicy, showing only those exceptions contained in the commitment and any intervening matters after the date fo the commitment and prior to the effective date of the policy. The commitment contains all information included in the preliminary title report, plus a list of the title company's requirements to insure the transaction. It also includes the standard exceptions from coverage that will appear in the policy.

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