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