Pages
Recent Posts
Blogroll
Overview of the Preliminary Title Report
Whenever you buy a house, you should be aware of your rights as an owner of the property. The preliminary title report is one of the most important documents that you will get in a Chicago mortgage. It will inform you, based on a general perusal of records, whether there may be an issue with the title.
The preliminary title report will normally be required once an escrow is opened and prior to closing. It will contain a myriad of information about the home. Information such as how the title is currently held or exceptions to the title will be essential for the buyer to know.
The preliminary report enables the new owner to review matters affecting their future property that will be excluded from coverage unless eliminated before you get the mortgage. It is important for you to review the report and take appropriate action if there are any bad exceptions to the title.
Check the ownership interest in the house as well as any claims, restrictions or interests of others in the property. You should also take note of any possible easements that will limit the use of home. There may also be some exclusions that are not covered by your title insurance policy.
The preliminary title report will form the basis of your title insurance in the Chicago mortage. It is therefore essential that you correct any issues in the report so that you can get your property with a clean title.
The buyer has the right to approve or object to the preliminary title report and come out of the contract. It is then up to the seller to eliminate the exceptions that you do not like in the title.
No Comments »
No comments yet.
RSS feed for comments on this post. TrackBack URL