A title report is a document that provides information about the legal ownership of a property. It includes a detailed history of the property, including any liens, judgments, or other legal issues that may affect the property's title. The title report is typically prepared by a title company or an attorney and is used to ensure that the property being purchased is free and clear of any legal issues that could affect the buyer's ability to take ownership of the property.
The title report typically includes the following information:
- The legal description of the property
- The names of the current and previous owners of the property
- Any mortgages, liens, or judgments against the property
- Any easements, rights-of-way, or other encumbrances affecting the property
- Any outstanding taxes or assessments
- Any zoning or building restrictions
- Any pending legal actions related to the property
It is important for buyers to review the title report carefully before closing on a property. This report will ensure that the property is free of any legal issues that could affect the buyer's ability to take ownership of the property. It will also provide a detailed history of the property, so that the buyer can be aware of any potential issues that may need to be addressed in the future.
It's important to note that a title report is different from a title insurance. Title insurance is a policy that protects the buyer in case of any errors or omissions in the title report or in case of any unknown liens or other claims against the property after closing. It's usually required by the lender and most of the time the buyer pays for it.
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