A Few Comments About Preliminary Title Reports
March 16, 2011
Every home buyer or seller should receive a copy of a Preliminary Title Report forwarded from the escrow holder. Unfortunately, with all the documents involved in a sale transaction, many folks fail to read this report. It is important to do so and if there are items in it that one does not understand, ask your agent to explain. If the agent is not clear about the item, they can get additional clarification from the title company.
A few things to certainly check. 1. There will be a copy of the Assessor's map showing the property being sold. Make certain the marked property is actually the one that is the subject of the transaction.
2. The report will list all current liens against the property. If you are the seller, check to see if the numbers agree with your numbers.
3. The report will list any easements on the property. If the verbiage does not make clear where the easement is, you can ask the title company to map it.
4. Many properties will have conditions, covenants and restrictions (CC&Rs)
You should order a copy of the recorded document that spells out what these are. Usually they are nothing that will interfere with a buyer's use of the property, but it is wise to know exactly what they are.
These are just a few of the items found on a Preliminary Title Report. The important thing is that you read it as the escrow will ask you to sign that you approve it.
Every home buyer or seller should receive a copy of a Preliminary Title Report forwarded from the escrow holder. Unfortunately, with all the documents involved in a sale transaction, many folks fail to read this report. It is important to do so and if there are items in it that one does not understand, ask your agent to explain. If the agent is not clear about the item, they can get additional clarification from the title company.
A few things to certainly check. 1. There will be a copy of the Assessor's map showing the property being sold. Make certain the marked property is actually the one that is the subject of the transaction.
2. The report will list all current liens against the property. If you are the seller, check to see if the numbers agree with your numbers.
3. The report will list any easements on the property. If the verbiage does not make clear where the easement is, you can ask the title company to map it.
4. Many properties will have conditions, covenants and restrictions (CC&Rs)
You should order a copy of the recorded document that spells out what these are. Usually they are nothing that will interfere with a buyer's use of the property, but it is wise to know exactly what they are.
These are just a few of the items found on a Preliminary Title Report. The important thing is that you read it as the escrow will ask you to sign that you approve it.
posted by shirley harry at 9:14 AM
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