The Importance of Conducting a Pre-Closing Update

Although not easily recognized by its formal name, EX001, the pre-closing update clause appears on nearly every commitment for title insurance prepared by The Fund. The requirement is an important reminder to obtain a title update prior to closing: “An update of the title search must be completed just prior to the closing, and the commitment must be endorsed to require clearance of or take exception for, any additional title defects or adverse matters found.”  While this requirement seems simple enough, its satisfaction is critical before closing and issuing a policy of title insurance. 

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