What is a Prelim?

A preliminary title report is a signed and dated report used to facilitate the issuance of a policy of title insurance. It is a report of the conditions upon which the Title Company is willing to issue a policy of title insurance. Since it is issued before, or preliminary to, the issuance of the policy, it is known as "Preliminary" or a "Prelim."
By opening a title order, you are applying for a policy of title insurance. Within a short time after the title order has been opened, the Title Company will search the tile to the property in question, examine the results of that search, prepare the preliminary title report and send it to the customer that opened the title order, so that the parties to the transaction may review the report, and its conditions for policy.

Many things affect the condition of title...and might be reported as conditions for the policy on the Preliminary Title Report.

The estate or interest in property which is the subject of the Preliminary Title Report.
The record owner of the estate or interest.
The legal description of the parcel of land involved.
Taxes (city and county.)
Bonds or assessments, such as street lighting, sewers, sidewalk repairs, etc.
Easements (i.e. - public utility purposes, alleys, sewers, light and air, driveways, etc.)
C.C. & R's (Covenants, Conditions, and Restrictions) which affect the use of the land such as types of buildings, setbacks, fences, etc.
Deeds of Trust.
Liens recorded against the property (i.e. - Mechanics Liens.)
Judgment of liens recorded against persons (sellers) affecting the ownership such as Federal Income Tax Liens, money, judgments, etc.)
Recorded leases...building, ground and mineral.
Recorded declarations of Homesteads are reported with the vesting and are a part of the prelim.
List of printed exceptions and exclusions.

The legal and vesting are descriptions rather than conditions and are the subject of the report.

If you're looking for a great lender or realtor referral in your area or for more information contact us at: http://www.mytitlerep.com/ or call 1.866.4MY.TITLE