The process of purchasing real estate is one that should not be taken lightly; the contracts and loan documents alone can be overwhelming. Then take into consideration the legal transfer of title and you could be over the top. If you are not a professional, it is important to have one guide you through the process. One of the necessary parts of the process is reviewing and understanding a property profile report and then the “full coverage” title report.
A property profile report provides a preliminary look at the status of liens against a property. I highlighted the word preliminary because there is a key difference between a preliminary (also known as a non-insured) report and a “full coverage” title report. We’ll cover the differences later in this article.
A property profile will help you determine three things:
Who the legal owner of the property is and if they have the right to sell the property.
The loans and liens that exist on the property.
The restrictions related to use of the land.
Legal ownership of the property: The property profile will specify the current owner of record. This will take into account any quit claim or interspousal deeds that have… Continue Reading
