Title insurance is an insurance policy that protects buyers and lenders against losses that could arise due to title defects, liens or other matters. Unlike most other types of insurance, a title insurance premium is only paid once. Lenders require title insurance to ensure that their mortgage lien has priority.
A commitment to insure title contains requirement that the title agent of attorney must perform prior to or at the closing as well as exceptions to title. Some exceptions to the title policy will remain after closing.
All title policies contain exceptions to coverage and you should be made fully aware of what is and is not covered by your title policy.