Page 12 - Patti Dropping_FIRPTA_Guide

Reviewing Your

Title Commitment

The following is provided to help understand the REQUIREMENTS: These are items that Driggs
Title Commitment, also referred to as a Title Report, Title Agency needs to eliminate or “Clear” from the
which you will receive from Driggs Title Agency. title in order to provide a clear, unencumbered title
Upon receipt, you should review the document with to the Buyer. Items that must be cleared include:
attention to these areas:
• Payment of property taxes.
SCHEDULE A: This reflects information provided • Assessments owed of record.
to the Title Department by your Driggs Title Agency • Any encumbrances (or liens) on the property.
Escrow Officer as a result of the purchase contract
and a preliminary search of the public records re- Often encumbrance items show up because
garding the Seller. Information provided by the Buy- another individual has a name similar to one of
er and/or Realtor, such as the legal description of
the property, sale price, loan amount, lender, name the parties in the escrow. Driggs Title Agency
and marital status of Buyer and Seller are reflected. may ask for an Identity Statement in order to
Be certain the information reflected in Schedule A determine if items that show up are not related
is correct as this will be reflected in all of your doc- to our parties and can be deleted.
uments, including any lender documents.
RECORDER’S REQUIREMENTS: The County
SCHEDULE B: “Exceptions” are items which run Recorder’s office that specifies the required size,
with the land to include Covenants, Conditions and margins and print size on documents to be recorded.
Restrictions (CC&Rs), easements, homeowners as- If you have any questions, remember an answer
sociation (HOA) requirements, mineral rights as from your Driggs Title Agency Escrow Officer is just
reserved in patents, leasehold interests and other a phone call away.
items which will remain of record following transfer
of the property. They are called “Exceptions” be-
cause the Buyer will receive clear title “Except” the
Buyer’s rights to use of the property will be subject
to the CC&Rs, easements for utilities of record and
perhaps others as described in the including of any
lender documents.“Exceptions.” A Buyer should
carefully read the Schedule B documents which
further define a Buyer’s use of the property.

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