Let us help you!

ListingBidder Resources

What's a Preliminary Title Report, and who pays for it?

March 14, 2018

Here's some very interesting information provided by my friends at Chicago Title.

Generally, one of the first disclosures that a Seller will provide to the Buyer is the so-called "Prelim Report".  This report will be ordered by the Listing Agent through the Title Company that the Buyer and Seller have agreed to use, in their Purchase and Sale Agreement.  The Prelim Report itself is "free" but is a component of the cost of Title Insurance, which is typically a Seller Closing Cost.

The Prelim Report is VERY IMPORTANT!  The matters disclosed on the Prelim Report are:

  1. The estate of interest covered
  2. The owner of the estate or interest
  3. The parcel of land involved
  4. The exceptions, liens, encumbrances and other risks that will NOT be insured against if a Title Policy is issued
  5. Other requirements and provisions which are reflected as “Notes” in the Preliminary Report which are removed if and when a title policy is issued.

Great stuff that you and your Agent should discuss in detail.

https://nebula.wsimg.com/3928785a34b90eecc18fe0a1488c8447?AccessKeyId=F70061C0BC68AAA03C85&disposition=0&alloworigin=1

 

Mark

Mark Wilson is a licensed California Real Estate Broker and is the Co-Founder of ListingBidder.com

blog comments powered by Disqus