What is a Title Report?

A Title Report is a document that is produced by an underwriter (i.e.: Fidelity Nat’l Title Co., First American Title, etc.) or an abstract company. It is usually ordered by the purchasers’ attorney after the contract of sale has been signed or ordered when the refinance of the property is being undertaken.  A Title Report on the specific piece of property which is being purchased or refinanced is then produced.  The purpose of a Title Report is both informational and a prelude to Title Insurance.  Title Insurance is issued to a lender or purchaser to provide coverage against title claims.  However, in most cases, Title Insurance will not insure against municipal defects or preexisting items disclosed in the report.

The Title Report will state the name(s) of the people or business which either are buying, selling or refinancing (usually the current owner) the property, as well as the sales price and the mortgage amount, if applicable.  A description of the property is included, as well as usually a survey of the property if a sale is taking place. The names of the purchaser(s), seller(s) and former owners are searched in the county records where the property is located in order to determine if any judgments or other types of liens are owed regarding these “persons”. In addition, municipal searches are also run to determine if the property follows local governmental requirements, but such searches are usually not insured. Finally, a tax search is run to determine what taxes have been recently paid or are due.

This is just a basic description of a Title Report. The fact is, if you are going to purchase real property, a Title Report and Title Insurance are a must for the prudent purchaser.

Prior results do not guarantee a similar outcome. All information posted is general advice only, based upon the rules of NYS, and is not intended to be a substitute for personal legal advice. Although information provided here was accurate as of the date of posting, laws change frequently and rules in other jurisdictions may differ. Therefore, readers should not rely upon these postings but should consult an attorney to discuss their specific factual situation.