What is the difference between an affidavit of title and a title commitment?

An affidavit of title and a title commitment are both legal documents involving properties located in Iowa. However, they are used for different purposes and have distinct differences. An affidavit of title is a document that is created and signed by the owner of a particular piece of real estate. It states that he or she is the owner and that there are no outstanding claims to the property, legally making it their own. This document is often required by lenders when someone is obtaining a mortgage loan. On the other hand, a title commitment is an insurance policy issued by a title company that outlines the terms of the owner’s title policy. This document includes any restrictions or encumbrances on the property and indicates whether or not the title company will insure the title. A title commitment also outlines any items that must be satisfied before the title can be transferred to the new owner. In summary, the main difference between an affidavit of title and a title commitment is that the former is a document that states ownership and the latter is an insurance policy that outlines terms for the transfer of title. Both documents are important for ensuring the legal and financial rights of the owner of a piece of real estate in Iowa.

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What is the difference between an affidavit of title and a title commitment?

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