Get the free Preliminary Title Search Report. Complete Closing Documents

Wednesday, January 30, 2019, at 11:30 AM Auction Location: 235 N Pennsylvania, Wichita, KS 67214 Addresses: 235 N Pennsylvania, 241 N Pennsylvania, & Lot 20 Pennsylvania Ave. Mathewson 4th Add., Wichita,

How to fill out preliminary title search report

How to fill out preliminary title search report

1. Gather all necessary documents and information for the preliminary title search report, including the property's legal description, previous deeds, surveys, and any liens or encumbrances.
2. Begin by examining the property's legal description and confirming that it matches the information provided by the client or the real estate agent.
3. Conduct a thorough search in the county records office to identify any previous deeds or conveyances related to the property.
4. Review the chain of title to ensure there are no gaps or breaks in ownership and address any potential issues or inconsistencies.
5. Check for any liens, encumbrances, mortgages, or claims against the property that may affect the ownership rights or transferability.
6. Verify the availability of title insurance, as it can provide protection against any undiscovered issues or defects.
7. Prepare a detailed preliminary title search report summarizing the findings and highlighting any concerns or potential risks.
8. Communicate the results of the preliminary title search to the client or relevant parties, offering suggestions or recommendations for further action if necessary.

Who needs preliminary title search report?

1. Real estate buyers and investors who want to ensure the validity and marketability of the property's title before completing a purchase.
2. Lenders and financial institutions who require a preliminary title search report as part of the mortgage or loan application process to mitigate risks.
3. Real estate developers and builders who need to assess the feasibility of a land purchase for development or construction projects.
4. Real estate attorneys and legal professionals involved in property transactions who need to verify the authenticity and clarity of the title.
5. Insurance companies offering title insurance policies who rely on preliminary title search reports to assess the insurability of a property.

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What is preliminary title search report?

A preliminary title search report is a document that outlines the current status of a property title, including any existing liens, encumbrances, or claims against it. This report helps identify potential issues that may affect property ownership.

Who is required to file preliminary title search report?

Typically, the party responsible for closing the real estate transaction, such as the lender, buyer, or title company, is required to file a preliminary title search report.

How to fill out preliminary title search report?

To fill out a preliminary title search report, gather all required property data, such as the property's legal description, the names of current owners, and details of any liens or encumbrances. Ensure all sections of the report are completed accurately and submit it as per local regulations.

What is the purpose of preliminary title search report?

The purpose of a preliminary title search report is to provide an overview of the title status of the property, ensuring that buyers and lenders are aware of any issues before the transaction is completed, thereby protecting their interests.

What information must be reported on preliminary title search report?

The report must include the property's legal description, current ownership details, any liens or encumbrances, easements, pending litigation, and other relevant title issues that could affect ownership.