who is responsible for ordering the preliminary title report? This is a topic that many people are looking for. star-trek-voyager.net is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, star-trek-voyager.net would like to introduce to you How to Read a Preliminary Report. Following along are instructions in the video below:
My name is steve ayers. Im here today to present to you how to to read a preliminary titled report. So were gonna go ahead and get started.
This. And what i want to do is the page that showed up on the screen. Were gonna start with items.
1 and go on from there our explanation of how to read this so number 1. Is the name and address of the firm that requested the preliminary title report. This normally is our escrow holder.
That is called to open up the title order item. Number. 2.
Is the name of the individual. That requested the preliminary title report. Normally known as the escrow officer item.
Number. 3. Is our customers reference.
Number. This is the actual escrow. Number that theyve assigned to this particular transaction item number.
4. Is our title order. Number.
So. In this case. It.
s order. Number 3 0. 5.
1. 2. 3.
4. 5. 6.
0. 1. Anytime.
You need questions or concerns. They can reference that number. And itll direct them in to our internal system.
Tool of know exactly what order. We are calling in regards to item number. 5.
Is this paragraph states that we are prepared to issue or caused to be issued a policy of title insurance. And the general scope of what the insurance is item number. 6.
This paragraph states that the preliminary report is for title purposes. Only and with no light. Other liabilities.
Unless. Specifically requested. This is a report.
Only item number. 7. This section is the effective date of our investigation of the public records or the date of tying.
Which matters affecting title have been examined item number. 9. This describes the form of the policy contemplated to be issued on this transaction.
Were going to go ahead and move on to our next item. Which is schedule a of the preliminary title report schedule. A were going to start off with the estate or interest of the land here.
After described to or referred to covered by this report is a fee in this particular instance. A fee is the highest type of estate or interest and owner can have in a land freely transferable or inheritable and whose owner is entitled to the possession. The next item title to said the state or interest to that date thereof is vested in this is how your property would be vested in this particular case john j.
Doe and jane i donno family trust dated march 16th of 2004. This is your besting for this particular transaction thats currently have your last and final item on schedule. A would be your legal description this refers to your land in the recorded documents of your county recorders office showing by lot track book and page number you can be found here in this and then below that is your actual assessor parcel number identifying that piece of land.
Im going to move on to the next items here. Which leaves the schedule b of the preliminary title report. Well start off with item number.
1. Which is the property taxes. The property taxes official years runs from july 1st.
To june 30th. The property is taxed as of january 1st for payment in the following fiscal year. Note.
The installment due dates below in this item references. Ok. So you can see those in your 1st and 2nd installments item.
Number. 2 of schedule b.
A statement regarding. The amount and status of the current years taxes for etc. Taxes.
Now a lien now due or respective installments. Paid. Or unpaid.
Also the assessor parcel numbers shown on this item item. Number. 3.
If there are property tax delinquencies for a prior year or years. The amount including penalty and interest to redeem prior to a certain future date. Is shown here item number.
4 bonds are assessments. Levied at the inception of construction or improvements. For example.
As streets gutters. Sidewalks. Sewers cetera.
Under an approved district are shown here and collected along with the property taxes item. Number. Five.
These are supplemental taxes. State law. Requires the assessor to reappraise the property.
Upon the change of ownership or completion of new construction. You will find that information there from this point on items against the property will be shown chronologically. The oldest first and so on thereby reflecting the priority in which each affects the title records item.
Six and seven these are recorded easements either graded by recording of a map or a specific grant. An easement is a right or interest through the land of another which entitles the holder thereof to some use privilege or benefit upon over said land going to move on to the next page here item number eight item number eight our rcc nrs covenants conditions and restrictions. These are limitations and qualifications imposed on the use of a particular parcel of land item.
Number nine. This is a deed of trust. A deed of trust.
Conveys title to a particular property to a neutral third party. Or a trustee with limited powers such as powers of a sale for the purpose of securing a loan. The three parties to this document are the trust or which is the borrower.
The trustee and the beneficiary which is the lender substitution of a trustee. A new trustee was substituted for a trustee named in the deed of the trust. The notice of default is the terms of the trust.
Deed were violated for example failure to pay monthly installments and as a result. A notice of said default was recorded against that property a notice of trustee sale. This is a delinquency notice in the notice of default that was cured and this is the next step in the non judicial foreclosure process items.
10 and 11. This is a junior subordinate lien. Another deed of trust was in courted concurrent to the previous deed of trust shown in the item.
Nine and is there or subordinate equity line of credit. This adina trust to secure future advances. If the above data.
Trust is an equity line line of credit prior to the close. We will require the following evidence that the line of credit has been frozen and no advances have been made after the issuance of the demand for the payoff and any remaining checks pass books or credit cards issued. In conjunction with a line of credit must be surrendered item number.
12 item. Number. 12.
Is an abstract of judgment. This imposes. A lien on this and all other real property.
Now owned are thereafter acquired by the debtor until satisfied or expiration of the liens item. Number 13 state and county liens for title insurance purposes. These lanes are treated as though they were abstracts of judgments before relying upon it release or any subordination.
Specific statues should be referred item. Number 14 federal tax liens under federal law. Any revenue tax unpaid after demand becomes a lien on all property and rights to the property of the person liable a title company will report federal tax liens not only against the person in title.
But against the husband or wife of the persons in title unless. Title stood of records of a separate property of the title holder to the date. When the assessment was made item number 15.
This is the item referred to a schedule. A that affects the vesting of the property item number 16. This verbage appears when title to a property is held in a trust.
And describes. The documents. The title company will require item number 17 statement of information.
This is the identity of the seller. Or sellers that we need to have from a title insurance perspective. Title.
Will not close on a transaction. Without this documentation. And isnt very important this not only goes against searches against the property.
But against the individual themselves that is the end of schedule b last. But lease on a preliminary title. Report is the plat map on the plat map.
Itll show you the book page lot and track and actually identify which parcel is in question in this report as you can seen by the arrow above this should conclude the preliminary title report and how to read and understand it if you do have future questions or concerns you can always contact your local title representative or call the title officer listed on this report. Thank you for your time and make our great day .
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