Blocks & Lots

New York: What is a Preliminary Title Report?

A preliminary title report is a document that includes information gathered from a variety of government sources that when combined detail the ownership of a property and important issues related to this ownership.

A preliminary title report is typically ordered by an attorney and is provided to a mortgage company and borrower during the loan processing stage that proceeds underwriting (the decision to offer you a loan).

The report provides key information that, for example, enables an underwriter to move forward in making a financing decision. if adverse information surfaces, it can potentially crater a transaction but can also give involved parties an opportunity to remove the items.

Here are types of information that are included in a preliminary title report:

  • NY preliminary Certificate of Title
  • Schedule A – Description of the property
  • Schedule B – Exceptions
  • Recording and Endorsement
  • Deed & Attachments
  • Condo Declaration
  • Mortgage Schedule
  • Tax Map
  • Municipal Reports – Certificate of Occupancy, Housing & Building Department Search (Elevator Violations, Heating Plant Inspections), Fire Department Violation Search, Emergency Repairs, Bankruptcy Search, Patriot / Office of Foreign Assets Control Search, Street Report