Title Commitments: What are they and why?


Re-Broadcast on March 20, 2017

Title commitments are one of the first steps of many in a closing on real property, but can often be overlooked in the frenzy and rush of even the simplest of closings. Knowing what a commitment is for and what to do with it, are critical for protecting yourself and your client from post-closing disaster. In this session, learn the role a commitment plays in a closing, how to read and understand the information in a commitment, and what liabilities are at stake when a commitment is issued.

Key topics to be discussed:

  • What is a title commitment?
  • Parts of the title commitment
  • Clearing Exceptions/Resolving Title defects
  • Merger with Policy
  • Modifying commitment
  • Proposed Insured and Third Party Beneficiary
  • Cancellation
  • Duty to disclose
  • Gaps
  • Reliance- Damages
  • Endorsement Considerations

Date / Time: March 20, 2017

  • 2:00 pm – 5:15 pm Eastern
  • 1:00 pm – 4:15 pm Central
  • 12:00 pm – 3:15 pm Mountain
  • 11:00 am – 2:15 pm Pacific

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BeverlyMWeber-Updated-compressedBeverly M. Weber, Esq. is a shareholder with Martin Leigh PC, a law firm headquartered in Kansas City with additional offices in St. Louis, Missouri and Overland Park, Kansas. Beverly’s practice includes commercial real estate transactions, loan workouts and restructuring, and litigation in the areas of banking, title insurance law, and commercial law, including lender liability. Since joining the firm in 2003, Beverly has represented and advocated for clients across Missouri, Kansas and Illinois, in state and federal courts, in all aspects of her practice.

Beverly earned her Juris Doctor from the University of Missouri, at Kansas City. She is a member of several professional organizations, including the Kansas City Metropolitan Bar Association, the Missouri Bar Association, the Kansas Bar Association, and sits on the executive board for the Association for Women Lawyers of Greater Kansas City. Beverly speaks nationally on real estate and lender-related topics and hosts regional training and seminars for clients and professionals in her areas of experience. Beverly has received multiple Best of the Bar awards and in 2014 was awarded the Rising Star Award by the Missouri Lawyers Weekly, awarded to women 40 years or younger who have made great strides in their legal career.

Beverly is a wife and mother and enjoys running her non-profit, Lucy’s Kids for Peace, coaching youth soccer and masters swim team, and volunteering her time for Central Exchange, Rhein Benninghoven PTA, Holy Trinity Bookstore and other organizations throughout Kansas City.

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Section I. What is a title commitment? 
a. Nature and Purpose
b. Title commitment vs. title policy and other title products

Section II. Parts of the title commitment
a. Title commitment jacket
b. Schedule A, B-1 and B-2

Section III. Clearing Exceptions/Resolving Title defects

Section IV. Merger with Policy
a. Terms of policy vs. commitment
b. States recognizing tort liability for duty to search
c. Inconsistent provisions- which controls?

Section V. Modifying commitment

Section VI. Proposed Insured and Third Party Beneficiary

Section VII. Cancellation
a. Failure to pay premium
b. Consideration considerations
c. Failure to meet requirements
d. Expiration

Section VIII. Duty to disclose

Section IX. Gaps

Section X. Reliance- Damages

Section XI. Endorsement Considerations
a. Lender endorsements
b. Owner endorsements