What is “gap” coverage?

mind-the-gapOn occasion people are concerned that something may affect Title between the day the Title Commitment first arrives and the closing date, AKA “the gap.”

For example, during the gap, the property could be sold or mortgaged or a lien could be asserted on the property. That is why for closings a title insurance commitment is updated to the exact time of the closing in order that the title policy issued will neither be obsolete nor contain any unanticipated problems for the parties involved that may have come up during the gap period.

There’s no reason for a buyer to be concerned; they’re covered.

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