Title Report and Title Insurance
The written analysis of the status of title to single family rental investment property or other type of real property, including a property description, names of titleholders and how title is held (joint tenancy, etc.), tax rate, encumbrances (mortgages, liens, deeds of trusts, recorded judgments), real property taxes due and anything else affecting title. A title report made when the report is ordered is called a “preliminary report,” or a “prelim,” and at time of recording an up-to-date report is issued which is the final title report. The history of the title is called an “abstract.” A title report is presented by a title company, an abstractor, attorney, or an escrow company, depending on local practice. Normally a title report’s accuracy is insured by title insurance which will require the insurance company to either correct any error or pay damages resulting from a “cloud on title,” encumbrance or title flaw in the title which was not reported.
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