Friday, February 28, 2014

Clean Up Your Title Report Before Escrow

Well, at least take a gander at the title report. In other words, when you talk with an agent about selling your home, sign a listing agreement, get a preliminary title report opened up so that there are no surprises once you are in escrow. Get your Statement of Information completed as well.

We don't get too many unusual things on them but once in a while there is an oddity on a prelim.

Any agent worth talking to should already know who's listed as owner for the property. They should know about what your mortgage balance likely is too.

Things that I've seen on a prelim? An ex-spouse still on title. An HOA judgement from a completely separate property. A loan that showed as open but was paid years ago. A tax lien for someone that didn't have any ownership rights to the property.

Normal stuff? Easements, CC&R's, Mineral rights, property taxes still due. Mortgages.

Just a quickie post today. If there is anything weird on your preliminary title report. See what you can do to clear it up before you have a buyer for your property. Don't want to scare them away nor waste any time during escrow if you don't have to.

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