Therefore, when applying for a loan in a bank, they demand for a title report
of the said land plot.
Furthermore, the title report
and survey will help identify atypical easements and dedications in favor of third parties, encroachments, improvements and utilities within the property.
After obtaining the title report
, counsel should inspect the property in which an interest is sought.
Until now the only way to get a Preliminary Title Report
, was through a Title Company, which will not issue a Preliminary Title report
for Legal use.
The company added that the proposed transaction is subject to standard conditions that include, but are not limited to, execution of a definitive farm-out agreement and receipt of final title report
For example, the title report
obtained by the lender in contemplation of a reverse mortgage may reveal old mortgages that were paid but never satisfied of record, Environmental Control Board (ECB) violations that have become judgments, or mechanic's liens from home repairs--issues which may take substantial time for the title company to clear prior to closing the reverse mortgage.
According to a preliminary title report
filed with the eminent domain suit, 13 separate individuals, companies and government agencies have liens against the property, which is owned by Adesina Adeniji of Eugene.
In addition to these searches, TitleVest can also create a foreclosure/ title report
hybrid, which is relied on by the foreclosing lender, then seamlessly transitioned for use by a third-party purchaser obtaining fee insurance at the foreclosure sale.
"The title report
is absolutely clear - he is in title," Willis said.
When handling a short sale it is incumbent on all parties to carefully examine the approval letter and if the name on the letterhead doesn't match the lender of record in the title report
to ask the servicer to provide the necessary additional documentation.
Then the preliminary title report
arrived in our mailbox.