Preliminary reports are valuable documents that establish the legal ownership of a property. Review this report closely with your title representative to ensure a free and clear title.
A preliminary report shows:
Review Any RestrictionsWhat kind of restrictions would be on a residential property? If you live in an HOA, you may not be able to add things like a pool, or a decorative windmill in your front lawn. These restrictions are detailed in the preliminary report so you are aware of the property’s limitations before you commit to it.
Your title company will investigate the property to verify that the title is clear. If the home is in a trust, the seller must have the authority and right to sell the home. If issues are found, your title company will work with you to resolve the problem.
If there are unpaid taxes on the home, they too will show up in the preliminary report.
Preliminary reports may be confusing for the average homeowner to read so it is highly recommended that you work with a professional to review your report. They will be able to answer questions you have and guide you through the process of removing any liens or claims on the property.
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Putting a home into a trust may seem like an option reserved for older homeowners who have paid off their mortgage and have accumulated an estate, including assets such as a home, motor vehicles, various investments, boats, rental properties, furniture and even a vacation home. However, having a home that’s owned outright is not necessary […]
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