Things to know about a Title Report

Things to know about a Title Report

Annette Bui| Updated March 7, 2019 | Mortgage Programs 101

Most homeowners are focused on securing the best rate or getting a good appraised value when buying a home. A very important aspect of the home buying process that may impact the closing time frame is what is shown on a title report. Oftentimes when buying a condominium, the lender will need to get the homeowner’s insurance binder. Depending on the community, this duration may take as long as 5-7 business days. Things to keep in mind to understand how a title report may affect you.

Legal description-the legal description gives you more detailed information on the property that is not shown in the original listing advertisement. It is a written detail of property boundaries, any inclusion of property’s interest in common areas, easements and or any parking that is included. If it is a condominium, you will get information on any non-exclusive or exclusive easements.

Taxes-Real estate property taxes will show up as the first lien on a title report and will show whether or not taxes have an outstanding balance or have been paid in full. Any delinquent taxes would need to be paid and resolved before the lender or seller gets paid.

Mortgage liens-mortgages are a lien that appears following property tax liens, it is recorded either as a first, second or third position. This means when a sale occurs, the tax lien is paid first and subsequently the mortgage liens in the subsequent position typically from largest to smallest. One of the important things to take into consideration when getting solar panels installed is if they will attach a lien to your property. This may impact your eligibility to qualify for a refinance.

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