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520 N. Central Avenue, 2nd Floor Glendale, California 91203 Office Phone: (818×2404912 Office Fax: (818×5515337 Email: tea maker nat.com Rosamond Property Management Your Ref: 1300 N. Verdugo Road

How to fill out preliminary title report

How to fill out a preliminary title report:

1. Gather necessary information: Start by collecting all relevant documents, such as the property address, legal description, and owner information. Make sure you have access to the current deed, any liens or encumbrances on the property, and any survey or plat information.
2. Research the property's history: Conduct a thorough investigation into the property's title history. This typically involves searching public records, such as deeds, mortgages, judgments, and tax records. Look for any potential issues or discrepancies that may affect the property's title.
3. Identify any existing liens or encumbrances: Review the property's title history to identify any outstanding liens, mortgages, or other encumbrances that may affect the ownership rights. This step is crucial to ensure that the property can be transferred free and clear of any claims.
4. Verify legal description and boundaries: Confirm that the legal description of the property matches the physical boundaries on the ground. This may involve reviewing survey records or contacting a licensed surveyor to conduct a survey if the existing documentation is outdated or unclear.
5. Review and analyze the title commitment: The title commitment is a document provided by a title insurance company that outlines their willingness to insure the property's title. Review this document carefully, paying attention to any exceptions or requirements that may affect the final title policy.
6. Resolve any outstanding issues: If you come across any issues or discrepancies during the title search, work with the necessary parties to resolve them. This may involve contacting lenders, lienholders, or other involved parties to obtain necessary releases or corrections.
7. Complete the preliminary title report: Once all the necessary research and analysis have been conducted, compile the findings into a comprehensive preliminary title report. This report typically includes a summary of the property's ownership history, any identified issues or encumbrances, and recommendations for resolving any outstanding matters.

Who needs a preliminary title report?

1. Homebuyers: When purchasing a property, homebuyers often request a preliminary title report to understand the title's condition and any potential issues that may affect their ownership.
2. Real estate investors: Investors involved in property transactions, such as buying or selling properties or acquiring loans, rely on preliminary title reports to assess the investment's legal and financial viability.
3. Lenders: Lenders require preliminary title reports to evaluate the property's title before issuing a mortgage or any other form of financing. This report helps assess the risk associated with the property and ensures the lender's security interest.
4. Real estate professionals: Real estate agents, brokers, and attorneys often request preliminary title reports to advise their clients accurately during real estate transactions. These reports provide an essential understanding of the property's history and any potential issues that may arise.

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What is preliminary title report?

The preliminary title report is a document that provides essential information about the ownership of a property, any existing liens or encumbrances, and potential restrictions on the property.

Who is required to file preliminary title report?

In most real estate transactions, the buyer's agent or the title company is responsible for obtaining and filing the preliminary title report.

How to fill out preliminary title report?

To fill out a preliminary title report, the title company or an escrow officer will research the property's ownership history, examine public records, and summarize their findings in the report.

What is the purpose of preliminary title report?

The purpose of the preliminary title report is to inform all parties involved in a real estate transaction about any potential issues with the property's title before the sale is finalized.

What information must be reported on preliminary title report?

The preliminary title report must include details about the property's current ownership, any existing liens or encumbrances, recorded easements, and restrictions on the use of the property.