The title report contains important records available to potential buyers. Title companies compile the report from publicly available county records to document ownership, vesting and details regarding any liens, encroachments or easements against the home.
Here are three important pieces of the title report you should review carefully:
1. The legal description will provide you with a precise written description of the property’s location and the boundaries of the property in relation to nearby streets and intersections. This section is especially interesting in cases of a condominium or planned unit development (PUD) as it will include the property’s interest in any common areas, exclusive or non-exclusive easements and details on any parking or storage that are included with the property.
2. Property taxes show up as the primary lien on the report. Keep in mind property cannot be transferred to a new owner with outstanding taxes due. The report will disclose if taxes are due or paid in full.
3. Additional mortgage liens are listed directly below property taxes in order of largest to smallest amount owed. When a home sells, all liens must be paid in the order that they appear on the title report. Be cautious however — this list is not exclusive, as other items could show up on a title report outside of taxes and loans (e.g., easements; covenants, conditions and restrictions (CC&Rs); historic oversights, etc.).
A Word to the Wise
To properly cover your bases in the home buying process you, your agent or a real estate attorney should thoroughly review the entire preliminary title report. A careful review could help prevent delays during the closing process.
Have questions about how to get connected with your bank? Call 1.866.559.5037 or email email@example.com.
Meta Financial Group, Inc.®, (“Meta Financial” or “the Company” or “us”) and its wholly-owned subsidiary, MetaBank® (the “Bank” or “MetaBank”), may from time to time make written or oral “forward-looking statements,” which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “continue,” “could,” “future” or the negative of those terms or other words of similar meaning. You should read statements that contain these words carefully, because they discuss our future expectations or state other “forward-looking” information. These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, some of which are beyond the Company’s control. Discussions of factors affecting the Company’s business and prospects are contained in the Company’s periodic filings with the Securities and Exchange Commission. The Company expressly disclaims any intent or obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company or its subsidiaries.