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&  Wisconsin since 1985.
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What is a title insurance commitment? 

A title insurance commitment tells you what the title insurance company needs in order to insure the lien of the lender’s mortgage and what the title insurance company will not insure against. 
A title insurance commitment consists of three schedules: 

Schedule A
Informational page

Schedule A includes basic information about the property  
The effective date. This is the date that the county records are up to. The more current the better. 
The name of the proposed insured – the bank name or the name of the party purchasing an owners policy. 
The current owner of the real estate.
The legal description for the real estate. 


Schedule BI.
Requirements page

Schedule BI includes items that need to be taken care of to provide clear title to proposed insured.
Pay the title insurance premium. 
Satisfy existing mortgages on the real estate. 
Transfer title (a deed) from the current owner to the new owner/borrower. 
Execute a mortgage

Schedule BII.
Exceptions page

Schedule BII includes items that the title insurance company will not insure against. 
Standard Exceptions 
     Should be deleted from the final title insurance policy and include: 
     1. Gap coverage – covers you from the effective date of the commitment until the date your documents
         are recorded. 
     2. Survey coverage – Requires a survey if over $500,000. 
     3. Mechanic lien coverage. 

Taxes and Assessments. 
     1. Delinquent taxes should be paid at closing. 
     2. Assessments should be reviewed and you may require that they be paid depending on the amount 
         of the assessment. Unpaid assessments constitute a lien that is superior to a mortgage. 

Other Exceptions.
     Copies of other documents shown as exceptions should be reviewed to see if you are comfortable with
     them as exceptions to the title insurance coverage.

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