By Danielle Deschenes, July 1, 2024
It is a document that provides a snapshot of the current state of the title of the property. It is typically prepared by a title company or an attorney during the due diligence phase of a real estate transaction
Key Components of a Preliminary Title Report:
Property Information: This section includes details such as the property’s address, legal description, assessor’s parcel number (APN), and the county where the property is located
Current Owner: Identifies the current owner of the property
Encumbrances: Any claims, liens or interests that affect the property’s title. These can include mortgages, deeds of trust, easements or any other restrictions on the property
Outstanding Issues: The report may highlight any unresolved title issues or discrepancies that need to be addressed before the property can be sold or transferred. These issues could include unresolved liens, boundary disputes or other legal matters.
Why is it important?
The preliminary title report is a critical document for several reasons:
Title Clarity: It helps determine whether the property has a clear and marketable title, which is essential for a smooth real estate transaction
Risk Assessment: It allows buyers and lenders to assess the level of risk associated with the property’s title. Any encumbrances or issues identified in the report can be addressed before closing the deal
Legal Compliance: It ensures that the property complies with all legal requirements and restrictions; such as zoning regulations and CC&Rs (Covenants, Conditions and Restrictions)
Negotiation Tool: The report can serve as a negotiation tool during the transaction. If there are significant title issues, parties can renegotiate the terms of the deal or request that the seller takes corrective action
Next Steps:
After receiving the Preliminary Title Report, it’s essential to review it carefully and consult with a qualified title professional or real estate attorney if you have any questions or concerns. THey can guide you through the process of addressing any issues and ensuring a clean and marketable title. You will have 5 business days to review this report and revoke.
I hope this information is helpful and explains the importance of the Preliminary Title Report in your real estate transaction.
Danielle Deschenes
OR Broker | Tenant Placement Specialist
She/Her
I can't wait to help you navigate the Portland Real Estate Market. Whether you are a first time home buyer, a seasoned investor or somewhere in-between, you can count on me to help you through the process of buying or selling your home!
As a 100% Pacific Northwesterner, I love all that this city has to offer (rain and all). Originally from Bothell, Washington I spent most of my life in Retail Management. I started my work career as most do as a courtesy clerk, little did I know I would stick with it well after college. I studied Psychology and Sociology at the University of Washington with an emphasis in Criminology. To this day, I still find myself watching shows that have to do with true and fictional crime.
In 2013, my boyfriend and I moved to Salt Lake City, UT with 2 dogs and 2 cats. No easy feat for anyone. There I spent a year working for eBay as a Customer Solutions Agent. My hats off go to those of you that do that work, it is not easy!
After 2 years in beautiful Utah, we decided that Portland was the place to be. After coming to visit to look for housing, we knew that we had made the right decision. We fell in love with all this city has to offer. I knew that the great PNW was where I belong, I was home!
Over the years I have bought and sold property in Seattle, and we own our home here in SE Portland. I have always loved to look at homes on the internet and would stop by open houses when I drive by them.
Hmmm, what better career blends a love for homes and a natural affinity for customer service into one? Here is where my Real Estate venture begins.
I want to help you love Portland! What better way than to own your own home? I'm always available to take the very best care of you and anyone you refer to me. Please don't hesitate to contact me with any questions. Let's go grab a coffee or a beer and we can talk about your plans for home ownership in this beautiful city!
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