Page 18 - WINTZ AZHG

COMMITMENT

FOR TITLE

legal description of the property, homeowner’s association rules,
sales price, loan amount, lender, mineral rights as reserved in
name, and marital status of patents, leasehold interests, and
Buyer and Seller is reflected. other items which will remain of
record following transfer of the
SCHEDULE B is broken down property.
into two sections. Requirements
and Exceptions. Requirements
are items that Pioneer Title
Agency needs to eliminate from
Amanda Laganosky (Chandler) the title in order to provide NOTE:
a clear, unencumbered Read Schedule B
The Commitment for Title title to the Buyer. A few carefully, because it defines
Insurance reports the findings examples of items that your use of the property. There
of an initial title search. It will must be cleared are: may be restrictions that will cause
contain the terms, conditions, • Payment of property you to reconsider your purchase
and exclusions covered in the taxes (i.e. discovering the HOA has
policy. • Assessments owed CC&R’s and upon their review
you find out farm animals
of record
COMMITMENT: • Any encumbrances are not sanctioned, so your
SCHEDULE A reflects (or liens) on the family goat is not
information provided to the property allowed.) If anything in
Title Department as a result Often encumbrances this section concerns
of the purchase contract and a show up because you, ask for
preliminary search of the public another individual has clarification.
records. Information such as the a name similar to one of the
parties in the escrow. Pioneer
Title Agency may ask for a
Statement of Identification in
NOTE: order to determine whether
Be certain the items that show up are related
information reflected to our parties and whether they
in Schedule A is correct, can be removed.
because it will be Exceptions are items which run
reflected in all of with the land. They are called
your documents, “exceptions” because the Buyer
including any will receive clear title except
lender the Buyer’s rights to use the
documents. property will be subject to the

exceptions described in this
section. Exceptions include
Covenants, Conditions and Monument Valley, Arizona
Restrictions (CC&Rs), easements, Photograph by: LaSota

18 ARIZ NA
HOME GUIDE