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How to Read a Title Report

February 1, 2017

 

So often I run into situations where I'd like to know more and google/youtube it... but that doesn't work. Then I dig deep into the more valuable resources in my life- People. I contact those who have dedicated their lives to a practice that might involve whatever I'm trying to find out. I shifted my life so that people would come to me for one of the most valuable practices- real estate. Reading a Preliminary Title Report was one of those things that I just couldn't find a simple answer to online. 

So, I'm sharing the basic info about how to read a Title Report in Oregon.  

 

Three things to look for- 

 

1. Name

Does the name of the seller on the Sale Agreement match the name of the owner on the Title report?

On the TR it'll say something like 'Title described herein is vested in (person's name).' Make sure that name matches the name of the person you're purchasing the home from. 

 

The next two will be located in the 'Special Exceptions' section. The first five numbers, before the Special Exceptions section are standard and don't really change much. 

 

2. Easements

Make sure there are no unusual easements attached to the property. An easement is basically a right of passage. So, the usual easements are for utilities companies, comcast, etc.. these easements allow these companies to go on the property to fix issues with their product. 

 

3. Debt

Make sure that the amount the owner (aka seller) owes the bank isn't more than what the house is being sold for. If so, getting that house to transfer to a new owner is going to require a long conversation with the bank.

The seller may also have debt in the form of liens. A lien is when the seller owes someone money and, since they haven't been paid, they want the house instead (basically). 

Both, the amount the seller owes the bank and any liens on the house, are listed in Special Exceptions. 

 

If you're confused about anything written here or need more info contact me or your title representative. I have some fantastic title reps in my team in Portland that help me almost daily!

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