Posted by Lucie_CA on 5/26/06 10:21am
Msg #122467

Prelim Title Report

Newbee here. Just wondering why a prelim title report is sometimes included in doc packages, but not always. Doing a HELOC and it is the Title company who set up the docs. Appreciate your help.

Reply by Merry_CA on 5/26/06 1:55pm
Msg #122496

You should call the TC and ask.

Reply by Ndwa on 5/26/06 2:19pm
Msg #122500

A prelim report is often included in the docs on a purchase/sale transaction as the buyers would be more incline to know what's on the title. On the other hand, the report is not included in a refi b/c the borrowers already owned/occupied the property, thereby should have knowledge of what is/are on their title.

Reply by TitleGalCA on 5/26/06 6:36pm
Msg #122570

Definition of Preliminary Title Report

Once a contract is signed, a search of the property is opened by escrow, and a very special person, called a "title officer" does an exhaustive search on the Property In Question (fondly known as PIQ), and issues a report, a title report. Because it is "preliminary" (or before the issuance of a policy) those "in the know" have shortened the name to "prelim".

So, a Preliminary Title Report (or prelim) is part I of the title part of the transaction. Escrow does most of the paperwork you notaries see, and as notaries you will rarely if ever see a title report.