Title Report Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Title Report, written in plain English, along with examples of how it is used.
What is Title Report?
it is a detailed written report on the title( real property) that covers the facts such as preperty descrition, holders of the property, the manner of holding, claims and liabilities, taxations and issues unsolved and solved. This is the report which is referred by the Title insurance company who does all the possible due diligence.
History and Meaning of Title Report
A title report is a comprehensive document that outlines the condition of a property's title. It is typically completed as part of the due diligence process when purchasing or refinancing real estate. The report covers the ownership history, property description, liens, encumbrances, and other issues that may affect the title.
The title report has its roots in the 19th century when land ownership was being established across the United States. During this time, disputes over title were common, and many settlers found themselves fighting for land they believed was rightfully theirs. In response, title insurers emerged, offering to investigate the ownership history of a property and provide insurance against claims that might arise.
Examples of Title Report
John is looking to buy a new home and requests a title report from his real estate agent to determine whether the property has any liens or other issues that may affect the title.
Sarah is refinancing her mortgage and is required by the lender to obtain an updated title report to ensure that there are no new liens or claims against the property.
The local government is considering purchasing a parcel of land for a new park and hires a title company to complete a title report to ensure that the ownership history is clear and that there are no issues that might prevent the sale.
Legal Terms Similar to Title Report
Title insurance - An insurance policy that protects against losses related to title issues that were not discovered during the title search.
Lien search - A process of searching public records to determine whether there are any liens or encumbrances against a property.
Property survey - A detailed map or drawing of a property that outlines its boundaries and physical features.