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Simple English definitions for legal terms
title report
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A quick definition of title report:
A title report is a document that tells you important information about a piece of property. It includes things like who owns the property, if there are any problems with the property, and what the property looks like on paper. People usually get a title report when they buy a property to make sure there are no hidden issues. Banks also require a title report before they give someone a loan to buy a property.
A more thorough explanation:
A title report is a document that provides important legal information and history about a property. It is obtained through a title search, which is conducted by a title company, attorney, or other company. The report is typically paid for by the buyer as part of the closing costs when purchasing a property.
The title report contains key details about the property, including:
- Who legally owns the property
- Whether there are any liens or encumbrances on the property
- Any past disputes regarding ownership
- The legal description of the property
For example, if a buyer is interested in purchasing a piece of land, they would obtain a title report to ensure that there are no hidden issues that could affect their ownership of the property. The report would reveal if there are any liens or encumbrances on the property, such as unpaid taxes or mortgages, that could prevent the buyer from obtaining clear title to the property.
Most lending institutions require a title report before lending for a mortgage. This is because the report helps to ensure that the property is free and clear of any legal issues that could affect the lender's ability to recover their investment in the event of default.