Full Definition
A title commitment is issued by the title company early in due diligence. It discloses the state of title: recorded easements, restrictions, liens, encumbrances, and exceptions to coverage. Buyer's attorney reviews every Schedule B exception to identify potential issues before closing.
Related Terms
ALTA Survey
The gold-standard land survey for commercial properties — maps boundaries, easements, improvements, and flood zones.
Title Insurance
Insurance protecting buyer and lender against title defects discovered after closing. Both owner's and lender's policies are standard.
Due Diligence
The investigation period after contract signing, typically 30-90 days, when buyer inspects everything about the property.