A preliminary report is designed to facilitate the issuance of a particular type of policy. The preliminary report identifies the title to the estate or interest in the described land. It also contains a list of defects, liens and encumbrances and restrictions which would be excluded from coverage if the requested policy were to be issued as of the date of the report, together with a disclosure of selected policy boilerplate provisions attached as an exhibit to each report.
In today’s world of busy probate courts and the necessity of protecting personal financial information, the living trust has become a common manner of holding title to real property. The following may help you understand a few of the legal requirements for the title insurance company if title to property is conveyed to the trustee of a living trust.
After a buyer and seller have reached agreement, but before the close of escrow, the preliminary title report needs to be reviewed. The title report will reveal various liens, encroachments, easements, and anything else recorded against the property. The title company’s job is to compile the report, and this report is something that we believe is well worth understanding.
Learn the basics of escrow.
An action to quiet title is a lawsuit brought in a court having jurisdiction over property disputes, in order to establish a party’s title to real property, or personal property having a title, and thus ‘quiet’ any challenges or claims to the title. The purpose of a quiet title action is to establish title against the adverse claims. For what you need to know about quiet title law in California, read on.