Requirements

One of the most important parts of the property search and exam is determining if there are any unreleased liens attached on the property, or any unsatisfied judgments or tax liens against the current or previous owners.  Any defect against the property is referred to as a "cloud on the title" and must be eliminated before the title insurance policy can be issued.  These defects, as well as other requirements (like the recording of a warranty deed) that must be met prior to the issuance of the policy are listed as "Requirements" under Schedule B-1 of the title commitment.  Your closer will work closely with your real estate professional and/or the seller to take care of these items prior to closing.