Understanding Preliminary Title Reports Hagerstown MD

When preparing to purchase a home, title insurance becomes a major priority. Before issuing your title insurance, the title company will first issue you a Preliminary Report.

Carl Wayne Disque
(301) 797-3739
105 W FRANKLIN ST
HAGERSTOWN, MD
Specialties
Divorce, Child Custody, Real Estate, Car Accident, Estate Planning
Education
Washington and Lee University School of Law,University of Virginia
State Licensing
Maryland

William P Young JR
(301) 739-6450
Bryan Centre 82 West Washington Street P.O. Box 1267
Hagerstown, MD
Specialties
Real Estate, Commercial, Land Use & Zoning, Estate Planning
Education
University of Maryland School of Law,Johns Hopkins University
State Licensing
Maryland

Stephen E. Patterson
239 E MAIN ST
WAYNESBORO, PA
Specialties
Business, Commercial, Real Estate
Education
Wake Forest University School of Law,Gettysburg College
State Licensing
Pennsylvania

Andrew Joseph Benchoff
17 N CHURCH ST
WAYNESBORO, PA
Specialties
Real Estate, Business, Litigation
Education
Pennsylvania State University, Dickinson School of Law,Mount Saint Mary's University
State Licensing
Pennsylvania

Christopher C. Luttrell
(304) 267-3050
206 West Burke Street
Maritinsburg, WV
Specialties
Real Estate, Business Law
Secondary Specialties
Mortgages, Construction Disputes, Defense Contracts, Payroll Taxes, Land Use & Zoning, Truth in Lending, Unfair Competition, Land Contracts, Mechanics' Liens, Negotiating Payments & Settlements, Eminent Domain, Property Taxes, Construction Defects, State & Municipal Contracts, Construction Financing, Tenants' Rights, Frauds, Scams, Hoaxes, Breach of Contract, Professional Corporations, Contract Disputes, Employment Contracts, Title Litigation, Buying & Selling, Partnerships
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West Virginia

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E Kenneth Grove JR
(301) 739-6450
Bryan Centre 82 West Washington Street P.O. Box 1267
Hagerstown, MD
Specialties
Real Estate, Estate Planning, Business
Education
Georgetown University Law Center,Johns Hopkins University
State Licensing
Maryland

Lynn F Meyers
(301) 739-6450
Bryan Centre 82 West Washington Street P.O. Box 1267
Hagerstown, MD
Specialties
Estate Planning, Real Estate, Business
Education
University of Maryland School of Law,Pennsylvania State University
State Licensing
Maryland

David F. Spang
239 E MAIN ST
WAYNESBORO, PA
Specialties
Estate Planning, Elder Law, Real Estate
Education
Pennsylvania State University, Dickinson School of Law,Albright College
State Licensing
Pennsylvania

Donald L. Kornfield
17 N CHURCH ST
WAYNESBORO, PA
Specialties
Real Estate, Corporate, Business, Debt Collection, Wills
Education
law school at William and Mary,Franklin and Marshall College,Greencastle Antrim High School
State Licensing
Pennsylvania

William P. Young Jr.
(301) 739-6450
Bryan Centre, 82 West Washington Street, P.O. Box 1267
Hagerstown, MD
 
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Understanding Preliminary Title Reports

Provided by: 

  • Report created by Title Company prior to issuing of title insurance
  • Work on a Preliminary Report begins just after escrow opens
  • IS NOT title insurance, just a report
  • Title Companies can still protect your interests through “binders” and “commitments” prior to the closing of the transaction
  • Look for the extent of your ownership rights on the Report
  • Includes a listing liens and encumbrances that won’t be covered
  • Liens and encumbrances that are covered will not be on the Report
  • Work with the seller and seller’s agent to clear liens prior to purchase

    When preparing to purchase a home, title insurance becomes a major priority. Before issuing your title insurance, the title company will first issue you a Preliminary Report. A Preliminary Report is a means to protect the buyer from any unforeseen costs or liabilities associated with the property in question. Work on this report can begin as soon as escrow opens. The title company will seek out all documents related to the property in order to figure out what restrictions they will place on your coverage.

    It is important to remember that a Preliminary Report offers no insurance coverage. It is only a report with terms and conditions for a title insurance policy. There is no contract or liability for the title company until the actual insurance policy is issued. The title insurance policy is issued to an individual and others cannot claim its benefits.

    You can still protect your interests prior to issuance of your title insurance policy through “binders” and “commitments” issued by your title company. Binders give temporary coverage until the actual policy is issued; commitments are the contractual obligations of the title company to insure your property once you have met their stated requirements.

    When viewing a Preliminary Report, there are some important things to look for. First among these is a listing of title defects, liens and encumbrances which will not be covered by the insurance policy issued by the title company as of the date of the issuance of the Preliminary Report. These are listed in a numbered list under the heading “Exceptions” on the Preliminary Report. Exceptions can be any number of things, from creditors who have liens for unpaid taxes or assessments, to restrictions contained in the covenants, conditions, and restrictions of the property (CC&Rs), to third party limitations on property usage. This listing gives you the opportunity to discuss these issues with the title company and the seller prior to purchase, allowing you to possibly clear them from the property.
    Second, look for information on your ownership rights. This includes your personal ownership interest in the property, in addition to any claims, restrictions, or interests of other people in the property. There will be a statement of vesting telling the degree, quantity, nature, and extent of the owner’s interest in the property. The highest type of interest, and also the most common, is “fee simple” or just plain “fee.”
    Usually included is a list of standard exceptions and exclusions for the title company. Your property is not necessarily affected by any of these exceptions, but they give you important information for coverage on future usage of your property that may or may not be covered by your title insurance.
    Keep in mind that the Preliminary Report only includes liens, defects, and encumbrances affecting the title insurance policy. The property may have other issues which will affect your title to the land that are not listing on the Report.
    For more information regarding Preliminary Reports, talk to your real estate agent or your attorney. Also helpful are your escrow and title companies.

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