Buyer Step 11 - Unveiling Property Ownership: The Crucial Title Report Review

Unveiling Property Ownership: The Crucial Title Report Review

In the intricate dance of home acquisition, Step 11 delves into the often-overlooked realm of title reports. The title company, an unsung hero in this process, will research vital public record information for a meticulous title examination. Following this, they compile a preliminary title report, a document teeming with legal intricacies about your prospective property. Delivered conveniently via email, this report serves as a treasure trove, unraveling details like known boundary issues, encroachments, easements, and existing liens.

Navigating the Title Report:

Your purchase and sale agreement set a timeframe for reviewing the title report and addressing any concerns. Rest assured; our guidance is at your disposal. If needed, we'll arrange a meeting with the Title Officer to comprehensively address your queries.

Key Elements to Scrutinize:

Liens: These legal claims against the property come in various forms, from creditor's liens to property tax liens and family law liens. It's crucial to identify and understand any existing liens.

Legal Description: This details the property's location and outlines its boundaries, a foundational element in understanding the property's spatial context.

Encroachments: Watch out for structures, like a neighbor's fence, extending too close to the property line, potentially leading to boundary disputes.

Easements: Highlighting agreements where a third party has access to the property for specific purposes, such as utility easements for power lines.

Joint Maintenance Agreements, HOAs (Homeowners Association), and CC&Rs (Covenants, Conditions, and Restrictions: Common in townhomes, condominiums, and subdivisions, these entail rules and regulations governing the property, along with shared maintenance costs.