Home > Blogs > Scott Mazza > The Mazza Blog

Prelimanary Title Report Terms

By Scott Mazza

Title Insurance with Stewart Title of California

January 08, 2010 12:23 AM

Estates:

The word "estate" is used to express the degree, a fee quanity, nature, duration, or extent of an

interest in land. A "Fee" is the highest type of estate or interest an owner can have in land, freely

transferable, inheritable and whose owner is entitled to possession. (There are a number of other

estates or interests in land that we can insure.)

Vesting:

It is the ownership or title to an estate.
Legal Description:
The description of the land covered by the preliminary report.
Exceptions:
Matters which are expected from the property conveyed, such as oil and gas rights, or

easements for specified purposes.

Taxes:

The amount and status of past unpaid real estate taxes, if any, and current year's taxes, paid or

unpaid, or taxes which are a lien but not yet payable.

Bonds:

Bonds or assessments, if any, levied at the inception of construction of improvements such as

streets, gutters, sidewalks, etc.

CC&Rs:

Covenants, conditions and restrictions are limitations sometimes put on the use and

enjoyment of real property, such as limiting the property to a single family or to a one-story dwelling.

Easements:

An easement is a right of use in favor of others in the land for specific purposes such as

public utilities, roads, or ingress and egress.

Deed of Trust:

A deed of trust conveys title to particular land to a neutral third party (trustee) with

limited powers (such as power of sale) for the purpose of securing a loan (debt).

Assignment:

An assignment of the beneficial interest under the deed of trust from one beneficiary to

another.

Trustor:

The borrower, owner and grantor of the property conveyed in a deed of trust.
Beneficiary:
The lender on a deed of trust is referred to as the beneficiary.
Trustee:
Is a neutral third party in the deed of trust with limited powers. When the loan is paid in full

the property is reconveyed by the trustee back to the person or persons legally entitled to the land, or, if

delinquent, the property will be conveyed pursuant to non-judicial foreclosure proceedings, to the

highest bidder in a public sale.

Abstract of Judgment:

Imposes alien on all real property owned or subsequently acquired by the

debtor until satisfaction or expiration of the lien.

Statement of Information:

This information statement is confidential and is used to enable the title

company to eliminate title problems which may arise through similarity of the name of Seller or Buyer

with the name of another person against whom there may be judgments, tax liens, or other matters

affecting property ownership.

Like