Once a buyer and seller reach an agreement over a property, it’s necessary to review the preliminary title report before the close of escrow. The title report is a vital document for home buyers as it contains important information about the property. Within the property report is information about ownership, vesting, and details regarding records against the property. You as a buyer can find out if there are liens, encroachments, easements, and more by reading the property report. Any liens against the property could affect your title insurance. The best way to ensure there are no issues with the transfer of ownership is to read a preliminary title report. Here are a few reasons why.
It gives a legal description of the property.
The property report gives a full legal description of the property, including things that typically won’t be advertised in a real estate listing. You’ll see a literal description of the location of the property, including property boundary lines with streets and intersections.
Every homeowner can access a property report and benefit from the valuable information it contains. These reports include an estimated price range for the property, recent sale prices in the area, listing information about nearby properties, and information about the area. You can also see property mapping that shows an aerial view of the property including the immediate surroundings and proximity to local points of interest. At Loans.com.au, you can download a free property report that outlines estimated property value, median sale prices in the area, property mapping, market comparison, and suburb insights.
You’ll find out about liens.
Mortgage liens appear right after property taxes on the property report. All liens must be paid at the time a sale closes in the order they appear on the property report. In the instance of a short sale, there’s not enough profit from the sale to cover the costs of property taxes and any other liens. This results in one or more lenders receiving a lesser amount than what’s owed. They will have to agree to these shorter payments for the sale to close. In addition to property taxes and mortgage liens, you may also find easements against the property. In the event you’re purchasing a property in a historic district, you may find specific restrictions, historic oversights, and planning requirements related to the property.
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It’s important for property taxes.
Before a property can be transferred to a new owner, all property taxes must be paid and up to date. Property taxes will always be listed at the primary “lien” on a title report and will indicate whether or not taxes have been paid or are due. Property taxes must always be resolved before a seller can make a sale and transfer ownership.
Reviewing a property report is the best way to detect any problems that could cause a property to be non-marketable. To run a title search yourself, you’ll need the location, block, property lot, and the names of the rightful owners. You can also work with a title company or attorney who can get a property report for you.