Schedule A: the deal
Who's buying, who's selling, the proposed policy amounts, the legal description of the property, and how title is currently held.
Requirements: what must happen before closing
The to-do list: pay off the existing mortgage, record releases, get signatures from anyone with an interest, provide trust or estate documents. Each must be met for the policy to be issued as promised.
Exceptions: what the policy won't cover
Easements, covenants, HOA declarations, mineral rights and anything else the policy excludes from coverage. Read these before closing. An easement running through where you plan to build a fence is far easier to deal with now than later.
Commitment vs. policy vs. pro forma
The commitment comes before closing. The policy is issued after closing once the requirements are met. A pro forma is a sample of the final policy, mostly used in commercial deals.
Common questions
What is the difference between a title commitment and title insurance?
The commitment is a promise to insure. The policy is the insurance itself, issued after closing.
What is a title jacket?
The cover pages of a title policy containing the standard terms, insuring provisions and conditions.