What is a Title Report?

What is a Title Report?

What is a Title Report?

A title report, or preliminary report, is a document prepared in advance of a change of ownership of real property. The title report is a written description of the property to be transferred, the owners of the that property, and exceptions to their ownership. While the seller is the owner of the property, mortgages, property taxes, easements, and CCR's are all exceptions to his ownership and impact his ability to transfer ownership.

What is a Title Report used for?

A title report is prepared for you by a title company and is an offer to issue title insurance on your real estate transaction. Your title insurance protects you from illegitimate claims on your property. The title report will follow the string of past owners or the "chain of title" to verify that the current owner has teh right to transfer the ownership he's agreed to sell.

What exactly is in a title report?

• form of ownership of the subject property
• legal description of the property
• Property Taxes
• Easements
• Covenents, Conditions, and Restrictions  (CCR's)
• Trust Deeds
• Personal Liens on Buyer & Seller
• Tax Assessor's map of the property
  
  

What does a Title Report mean to me, the buyer?

The seller has a contractual duty to disclose all matter that affect title.  Additionally, you have a contractual right to receive and review the title report as a during your contingency period.  If you approve of the title report, you agree to take title its present condition with all exceptions but the seller's monetary obligations. With the assistance of your REALTOR®, you should read through the title report and ask if there's any "red flags." If you have a question about any of the items you can contact the title officer, whose contact information will be on the first page of the report.