Title Commitment; Exception Documents Clause Samples
The "Title Commitment; Exception Documents" clause outlines the requirement for the seller to provide the buyer with a title commitment and copies of any documents that list exceptions to the title. In practice, this means the seller must obtain a preliminary report from a title company showing the current status of the property’s title and disclose any liens, easements, or other encumbrances that may affect ownership. This clause ensures that the buyer is fully informed about any issues or limitations with the property’s title before completing the transaction, thereby reducing the risk of future disputes or surprises regarding ownership rights.
Title Commitment; Exception Documents. (a) Buyer acknowledges that Seller has caused to be furnished to Buyer the Title Commitment issued by the Title Company with respect to the Property. The Title Commitment sets forth the state of title to the Property, including a list of Title Exceptions affecting the Property. The Title Commitment contains the express commitment of the Title Company to issue a Title Policy (as hereinafter defined) to Buyer in the amount of the Purchase Price, insuring title to the Property as is specified in the Title Commitment. In the event any commitment for title insurance is issued by Title Company with respect to the Property which supplements or updates the Title Commitment (a “Supplemental Commitment”), Seller shall provide Buyer with the Supplemental Commitment and Buyer shall have the rights to review and approve as set forth in Section 4.3.
(b) Buyer acknowledges that Seller has caused to be furnished to Buyer, true, correct and legible copies of all instruments that create or evidence Title Exceptions as reflected in the Title Commitment or any Supplemental Commitment (generically “Title Exception Documents”).
Title Commitment; Exception Documents. Within one (1) business day after the Effective Date, Seller will cause the Title Company to issue, and deliver to Seller and Purchaser, the Title Commitment, which Title Commitment shall be accompanied by complete and legible copies of all recorded documents relating to easements, rights of way, and other matters affecting title thereto (the “Exception Documents”).
Title Commitment; Exception Documents. (a) Within fifteen (15) days after the Effective Date, Seller, at Seller's sole cost and expense, shall cause to be furnished to Purchaser a current Commitment for Title Insurance (the "Title Commitment") issued by the Title Company, on behalf of the Title Underwriter. The Title Commitment shall set forth the state of title to the Property as of a date not more than thirty (30) days prior to the Effective Date, including a list of Title Exceptions affecting the Property that would appear in an owner's title policy, if one were issued. The Title Commitment shall contain the expressed commitment of the Title Company to issue the Title Policy (as hereinafter defined) to Purchaser in the amount of the Purchase Price, insuring the title to the Property as is specified in the Title Commitment, with the standard printed exceptions.
(b) Within fifteen (15) days after the Effective Date, Seller shall also cause to be furnished to Purchaser true, correct, and legible copies of all instruments (the "Exception Documents") that create or evidence Title Exceptions affecting the Property, including those described in Schedule B and Schedule C of the Title Commitment.
Title Commitment; Exception Documents. After the Takeover Date, ------------------------------------- Sellers, at Sellers' cost and expense, not in excess of $2,000.00, shall cause to be prepared a current Commitment for Title Insurance (the "Title Commitment") from a title company acceptable to Sellers and Purchaser ("Title Company"), setting forth the status of the title of the Real Property and showing all liens, claims, encumbrances, rights-of-way, encroachments, reservations, restrictions and any other matters affecting the Real Property. Purchaser, at Purchaser's sole cost and expense, shall provide Sellers with an appraisal on the Real Property as soon as such appraisal is complete.