Within a few days of receiving a contract, the title company will issue a Preliminary Title Commitment listing the requirements that must be met in order to issue new title policy insurance and close the sale. The preliminary Title Commitment will contain what is known as a Schedule B page which are the requirements to transfer ownership.
Contained within that preliminary title commitment is also a Schedule of Exceptions which are the things the new Title Policy Insurance will not include.
There will also be a lot of links to various documents and things that need to be reviewed by both the Seller and the Buyer.
A preliminary title commitment can be downright scary to review for someone not versed in all the subjects that are contained in the commitment. Even the most skilled real estate agent can have trouble interpreting what a lot of the information is about and what it means to the Buyer or Seller.