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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Title Report


Synonyms:documentation, land title report, record, statement
Filed Under: insurance, legal-contracts, mortgages, real-estate
Tags: contract, insurance, legal, mortgage, realty
 

Definition of title report

title report
1. 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."

Related Terms and Acronyms:

  • back title letter   A document that a title insurance company gives to an attorney specifying condition of the title.
  • certificate of title   A written document stating that the title to a piece of property is legally vested in the present owner.
  • clear title   Title not burdened by liens or legal questions.
  • fee simple   Outright ownership of real estate, free of any liens or other claims against title.
  • fee simple defeasible   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   The legal document conveying title to a property.
  • property report   A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
  • title   Evidence of a person's right to possession ownership of a property.
  • title insurance   Insurance that covers title defects and ownership challenges on a property.
  • title search   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.

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Below is a listing of our most popular mortgage product inquiries made using our online mortgage application for clients in Terrace.

Mortgage Product Type Inquiries
Mortgage Pre-approval25.00%
Refinance/Consolidate Debt16.07%
No Money Down discontinued14.29%
New Purchase14.29%
Commercial Financing7.14%
Mortgage Renewal7.14%
First-time Home Buyer5.36%
Other10.72%