Title Commitment and Policy Sample Clauses
The Title Commitment and Policy clause defines the obligations of the seller to provide the buyer with a title insurance commitment and, ultimately, a title insurance policy for the property being sold. In practice, this means the seller must obtain a preliminary report from a title company showing the current status of the property’s title, including any liens or encumbrances, and ensure that a final title insurance policy is issued to the buyer at closing. This clause ensures that the buyer receives clear and insurable title to the property, protecting them from unforeseen title defects or claims that could arise after the purchase.
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Title Commitment and Policy. Within ten (10) days of the date hereof and, in any event, at least twenty (20) days prior to the Closing Date, Seller shall order and obtain, and deliver to Purchaser, at Seller’s expense, a current commitment for extended coverage title insurance in the amount of the Purchase Price, together with legible copies of all documents listed as exceptions therein, and a current certificate of taxes due with respect to the Property, from a title company selected by Seller, and reasonably acceptable to Purchaser, authorized to issue title insurance in the state of Colorado (the “Title Company”), on the current standard form of extended ALTA Owners Policy (collectively, the “Title Commitment”). The Title Company shall promptly provide copies of any amendments or modifications of the Title Commitment to Purchaser. Purchaser shall have the right to review the Title Commitment, the title documents and the survey and notify Seller in writing of any title objections to the title exceptions set forth in the Title Commitment and any objections to items shown on the survey. Seller shall have five (5) days from receipt of notice of such objections within which to eliminate or modify (or agree in writing to so eliminate or modify) any such unacceptable exceptions or items to the reasonable satisfaction of Purchaser, but Seller shall have no obligation whatsoever to so eliminate or modify any such unacceptable exceptions or items. In the event that Seller is unable or unwilling to eliminate or modify (or agree in writing to so eliminate or modify) such unacceptable items to the reasonable satisfaction of Purchaser on or before the expiration of said five (5) day period, Seller shall notify Purchaser in writing of such fact within said five (5) day period or be deemed to have so notified Purchaser with respect to all such unacceptable items not theretofore cured upon the fifth (5th) day of said period. In such event, Purchaser shall, prior to the Closing Date either (i) waive such objections and accept title to the Property subject to title exceptions set forth in the Title Commitment and items shown on the survey to which Purchaser did not object and to such unacceptable items (the “Permitted Exceptions”), or (ii) terminate this Agreement by written notice to Seller, whereupon this Agreement shall automatically be terminated and of no further force and effect, except as otherwise expressly set forth herein. At Closing or as soon as reasonably practicable after Closing, the T...
Title Commitment and Policy. Prior to the Closing Date (as defined in Paragraph 5 below) Seller shall order and obtain, at Seller’s expense, a current commitment for extended coverage title insurance in the amount of One Hundred Twenty-Five Thousand Dollars ($125,000.00), together with legible copies of all documents listed as exceptions therein, and a current certificate of taxes due with respect to the Property, from a title company selected by Seller authorized to issue title insurance in the state of Colorado (the “Title Company”), on the current standard form of extended ALTA Title Policy (collectively, the “Title Commitment”). The Title Company shall promptly provide copies of any amendments or modifications of the Title Commitment to Buyer. At Closing or as soon as reasonably practicable after Closing, the Title Company shall issue and deliver to Buyer a title insurance policy referred to above (the “Title Policy”), issued by the Title Company insuring Buyer’s title to the Property, consistent with the Title Commitment, providing “gap” coverage, deleting the standard exceptions, endorsing over arbitration exceptions (to the extent the Title Company will so agree), if necessary, and subject only to taxes and assessments for the year of Closing and subsequent years, and the other matters approved by Buyer in accordance with subparagraph (b) below and any encumbrances upon the Property caused by Buyer (the “Permitted Exceptions”). At Closing, Seller shall pay the premium for the Title Policy. Buyer may obtain such other endorsements to the Title Policy as Buyer desires, at the expense of Buyer, except for endorsements obtained at Seller’s cost, as provided in subparagraph (b) below. Seller shall provide such affidavits or certificates as may be required by the Title Company to remove all liens, including, without limitation, mechanics’ or materialmen’s liens, as exceptions to the Title Policy.
Title Commitment and Policy. Grantor shall instruct the Title Company to prepare a title commitment for the Property and deliver it for Grantee’s review within seven (7) days after the Effective Date, at ▇▇▇▇▇▇▇’s expense. Prior to closing, Grantee shall have the right to review the title commitment and approve or disapprove those items which may affect the title of the Property. Grantor shall use reasonable efforts to cooperate with the Title Company to correct condition(s) that adversely affect the Property as determined by Grantee. Both parties agree to extend the closing for Grantor to make corrections on title defects, conditions, requirements and/or exceptions (recorded and/or unrecorded) or known to Grantor. Grantor has the sole discretion to correct title matters to ▇▇▇▇▇▇▇'s satisfaction. If Grantee is not satisfied with ▇▇▇▇▇▇▇'s actions, this Agreement may be terminated and the parties will have no further obligations to each other under this Agreement. Closing is contingent on ▇▇▇▇▇▇▇’s satisfaction with the condition of title to the Property prior to closing.
Title Commitment and Policy. Seller, at Seller's sole cost and expense, shall have ten (10) days from the date hereof to provide Purchaser with a title commitment ("Title Commitment") for an ALTA Form B Owner's Title Insurance Policy ("Title Policy, issued by Chicago Title Insurance Company ("Title Insurer"), covering the Real Property in the amount of the Purchase Price showing merchantable record title to the Real Property to be in Seller.
Title Commitment and Policy. Within ten (10) days after the Effective Date, Buffalo Highlands shall cause Chicago Title Insurance Company ("Title Company") to issue to Melody a commitment (the "Title Commitment") to issue, promptly after Closing, an ALTA Extended Owner's Title Policy insuring fee simple title to the Land in the amount of the Total Purchase Price ("Title Policy"), and Buffalo Highlands shall deliver to Melody copies of all unrecorded leases, agreements, and other documents that may affect title to the Land ("Unrecorded Documents"). The Title Commitment shall be provided to Melody, together with legible copies of all recorded documents listed therein, and shall commit to delete from the Title Policy, at Buffalo Highlands' expense: (1) any mechanics' lien exception as to any liens arising through Buffalo Highlands and B.I.;
Title Commitment and Policy. Seller, at Seller's sole cost and expense, shall provide Purchaser, at least ten (10) days prior to Closing with a title commitment ("Title Commitment") for an Owner's Title Insurance Policy ("Title Policy") in a current ALTA form issued by an insurer licensed to write title insurance in Wisconsin, covering the Property in the amount of the Purchase Price showing merchantable record title to the Property to be in Seller, with all General Exceptions deleted or endorsed over (including without limitation possession, mechanics’ liens and taxes or special assessments not shown as existing by the public records exceptions), subject only to the Permitted Exceptions and other matters approved or waived in writing by the Purchaser, such Title Commitment to include a “gap” endorsement. At Closing, Seller shall cause the Title Insurer to issue the Title Policy to Purchaser (in accordance with the Title Commitment provided for in this Section 6.1). Purchaser shall be responsible for, at Purchaser’s sole cost and expense, to provide any title evidence required by Purchaser’s lender.
Title Commitment and Policy. Seller has furnished and delivered to Karrington in form acceptable to Karrington, a current Owner's Title Insurance Commitment (form ALTA 1966), together with copies of all documents referred to therein (the "Title Commitment").
Title Commitment and Policy. Within five (5) days after the Effective Date, Seller, at its sole cost and expense, shall provide Purchaser with a commitment for an owner's policy of title insurance ("Title Commitment"), issued by Title Company and containing the agreement of the Title Company to issue an owner's policy of title insurance (ALTA Form 1992) insuring fee simple title to the Property in the name of Purchaser or its assignee or designee upon delivery of a special warranty deed therefor from Seller to Purchaser, together with such endorsements as Purchaser shall require, including non-imputation, Fairway, Zoning, separate Tax Parcel, Subdivision Act, ALTA 9, Public Street Access, Gap, waiver of arbitration and co▇▇▇▇▇▇▇▇; ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇er shall not be required to provide any indemnity agreement to the Title Company in connection with any endorsements except with respect to non-imputation and Gap and as may be contained in the Vendor's Affidavit. Seller's obligation to pay for the Title Commitment is limited to the portion of the title company charges attributable to the title search, not the title insurance, closing or recording fees, or other incidental expenses requested by Purchaser, all of which are the responsibility of Purchaser. The Title Commitment shall set forth the state of title to the Property, together with all exceptions or conditions to such title, including, but not limited to, all easements, restrictions, rights-of-way, covenants, reservations and all other liens and encumbrances affecting the Property which would appear in an owner's policy of title insurance issued pursuant to the Title Commitment and shall set forth the Title Company's requirements for issuing such owner's policy of title insurance with extended coverage (i.e., without standard pre-printed exceptions). Purchaser shall receive with the Title Commitment legible copies of the exceptions set forth therein and the most recent tax bills for the Property. The Title Commitment shall contain the commitment of the Title Company to insure title in the name of the Purchaser for the full amount of the Purchase Price, provided, however, Purchaser shall pay the cost of any endorsements to the Commitment that Purchaser may desire. The title policy to be issued pursuant to the Title Commitment shall be issued at Closing in a "New York style" closing.
Title Commitment and Policy. Prior to the Closing Date (as defined in Paragraph 7 below) City shall order and obtain, at City’s expense, a current commitment for extended coverage title insurance in the amount of $50,000.00, together with legible copies of all documents listed as exceptions therein, and a current certificate of taxes due with respect to the Property, from a title company selected by City and reasonably acceptable to NeighborWorks authorized to issue title insurance in the State of Colorado (the “Title Company”), on the current standard form of extended ALTA Owners Policy (collectively, the “Title Commitment”). The Title Company shall promptly provide copies of any amendments or modifications of the Title Commitment to City and NeighborWorks. At Closing or as soon as reasonably practicable after Closing, the Title Company shall issue and deliver to City the owner’s title insurance policy referred to above (the “Title Policy”), issued by the Title Company insuring City’s title to the Property consistent with the Title Commitment and subject only to taxes and assessments for the year of Closing and subsequent years. At Closing, City shall pay the premium for the Title Policy. City may obtain such other endorsements to the Title Policy as City desires, at the expense of City. NeighborWorks shall cooperate and provide such affidavits or certificates as may be reasonably required by the Title Company to remove all liens, including, without limitation, mechanics’ or materialmen’s liens, as exceptions to the Title Policy.
Title Commitment and Policy. Seller will furnish Buyer with copies of any Title Insurance Policies and Surveys covering Locations held in fee by Seller. Buyer may, at its own cost and expense, obtain an Owner's Title Insurance Policy and/or Survey. Buyer shall have ten (10) days from the date of receipt of title policy commitments to object to any matter involving title to any Location. Should Buyer fail to object to any such matter, Buyer shall be deemed to have accepted same and it will become a Permitted Exception. Seller may, within ten (10) days after receipt of objections by Buyer to any matter involving title to a Location, have items to which Buyer validly objects cured or removed, but Seller shall not be required to do so. In the event Seller fails to cure any matter to which Buyer validly objects, Buyer may elect to cancel and terminate this Agreement with respect to that particular Location and the Purchase Price shall be reduced by the amount set forth on Schedule "A" for such location.