Question

The settlement agent from a title company gives the buyer and seller a statement of conditions to be met. If the seller agrees that the property has no new encumbrances since the initial title search and that his existing loan will be paid off. the title company promises to insure for the amount of the buyer's new loan. How is this written commitment called?

Answer 1

loan insurance contract

Step-by-step explanation:

It´s an important/official agreement that assures payment to the property seller.