Schedule A | Practical Law

Schedule A | Practical Law

Schedule A

Schedule A

Practical Law Glossary Item 1-554-3930 (Approx. 4 pages)

Glossary

Schedule A

The part of the title insurance policy that includes all the specific information relating to the insured property.
The information included on Schedule A of an owner's policy includes:
  • The effective time and date of the title policy.
  • The name of the insured party.
  • The amount of insurance in the amount of:
    • the purchase price of the real property; or
    • the anticipated appraised value of the property if improvements or additions are being constructed.
  • The legal description of the insured property.
  • The type of ownership estate insured, such as:
The information included on Schedule A of a lender's policy includes:
  • The effective time and date of the title policy.
  • The amount of insurance, which is typically:
    • the loan amount; or
    • depending on the lender, a small percentage above the loan amount.
  • The name of the insured party, which is the lender.
  • The type of ownership estate or interest in the real property encumbered by the insured mortgage or deed of trust and the name of the party or parties holding title to the encumbered interest.
  • The legal description of the insured property being encumbered by the loan.
  • A description of the insured mortgage or deed of trust and any assignments or amendments in the mortgage chain.
For both an owner's and a lender's title policy, Schedule A must be attached to the title policy for it to be valid.