Definition: A Title Report is a stand-alone report that simply summarizes the documents filed of public record that affect the chain of title to a particular parcel of land since the current titleholder took title. Title Reports include any unreleased judgments or liens against the current titleholders. Unlike Abstracts, Title Reports do not include a report of easements. The most typical documents reported in a Title Report are Deeds and unreleased Mortgages.
When to Order: A Title Report is often ordered in the following situations:
when the current owner wants to refinance an existing mortgage
when the current owner wants to take out a new mortgage
for estate planning purposes (e.g. when it is unknown exactly what property is owned and a new legal description is required)
when a property is to be sold at Tax Sale and a prospective buyer wants to know about any liens on the property
Time to Prepare: Preparation of most Title Reports requires less than three days to complete.
Cost: The cost of preparing a Title Report is typically $135.00. The cost can be significantly more if a 24-month chain of title is required, if the Title Report requires an extended search period (e.g. if the land was acquired through probate a long time ago), or if many judgments or liens have to be shown.