- A report that discloses whether there are any competing claims, liens or other problems relating to a property. This must be done before title insurance is issued. Also known as a "Preliminary Title Report" or "Prelim."
record, statement, documentation, land title report
Related Terms and Acronyms
- Back Title Letter — Definition,
- A document that a title insurance company gives to an attorney specifying condition of the title.
- Certificate of Title — Definition,
- A written document stating that the title to a piece of property is legally vested in the present owner.
- Clear Title — Definition,
- Title not burdened by liens or legal questions.
- Cloud on Title — Definition,
- A claim on title to property that could impair the ability to transfer ownership.
- Examination of Title — Definition,
- A review of public records and title abstracts to determine the chain of ownership of a property.
- Fee Simple — Definition,
- Outright ownership of real estate, free of any liens or other claims against title.
- Fee Simple Defeasible — Definition,
- When a person has outright ownership of real estate (free of any liens or other claims against title), but the use of the property is restricted.
- Land Title — Definition,
- The legal document conveying title to a property.
- Land Titles System — Definition,
- This is a system of land registration under which the registrar or master of titles passes on the validity of the instrument, determines its legal effect, and the Government guarantees title.
- Property Report — Definition,
- A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
- A legal document prepared by a surveyor that shows the locations of all visible public and private improvements relative to property boundaries.
- Title — Definition,
- Evidence of a person's right to possession ownership of a property.
- Title Company — Definition,
- A company that checks a property's title for liens and other obstacles to sale, fixes any clouds to title, supervises the closing transaction, and makes sure that money transfers in a purchase are processed correctly.
- Title Insurance — Definition,
- Insurance that covers title defects and ownership challenges on a property.
- Title Search — Definition,
- A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.