How to review a Preliminary Title Report.
As a home buyer, reviewing a preliminary title report is an important part of the due diligence process before purchasing a property. Here are the steps to follow when reviewing a preliminary title report:
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Obtain a copy of the preliminary title report: The title report is typically provided by the title company. You should receive it within a few days of opening escrow.
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Review the report carefully: The report will include information about the property's ownership history, any liens or encumbrances, and any other legal issues that could affect the property. Make sure to review the report thoroughly to understand all the information it contains.
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Look for potential issues: Pay attention to any issues that could affect your ownership of the property, such as liens or judgments, easements, or other encumbrances. If you have any questions or concerns, don't hesitate to ask your real estate agent for clarification.
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Check the legal description: Make sure the legal description of the property matches the property you are buying. If there are any discrepancies, they will need to be resolved before the transaction can proceed.
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Discuss any issues with your agent: If there are any issues that need to be resolved, they will need to be resolved before closing. For example, if there is a lien on the property, the seller may need to pay it off before the sale can be completed.
Overall, reviewing a preliminary title report is an important step in the home-buying process. It's essential to work with a knowledgeable real estate agent to ensure that the report is thoroughly reviewed and any issues are addressed before closing.
