Commitment
A pre-closing document showing requirements, exceptions, and policy terms.
Glossary
Title words should not hide the work.
A practical glossary for commitments, escrow, policies, prorations, payoffs, recording, and closing documents.
Escrow
A controlled process for holding and disbursing funds or documents under transaction instructions.
Exception
A matter not covered by a title policy, often shown on Schedule B.
Payoff
The amount required to satisfy an existing lien or mortgage.
Proration
Allocation of taxes, dues, rent, or other costs between buyer and seller.
Recording
Submitting signed documents to the county so the public record reflects the transaction.
Title search
Review of public records for ownership, liens, taxes, judgments, easements, and defects.
Wire verification
Confirming instructions through a known safe path before funds move.
Next step
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