Many agents require a quick and reliable source of information on a property where they have been signed up as the agent for the Seller or Buyer. The agents may need to confirm the address and legal description and the correct names of the owner of record to finalize the listing agreements and completing the purchase and sale contract. Using accurate information from the beginning will go a long way to ensuring that the closing documents and deeds are correct.
Land Title Guarantee Company offers several different informational only reports which are listed below.
- Full Property Report: The Full Property Report provides the name or names of the vested owner or owners, the legal description, tax information (from the county treasurer’s website), deeds of trust and mortgage liens of record and liens recorded against the property or the owner or owners of the property. The delivery time requested by the client for this report is guaranteed.
- ONE Report (Ownership Name and Encumbrance Report): The ONE Report includes the owner’s names, legal description and a name search for liens and judgments and any unreleased loans. The O&E carries no insurance protection and does not constitute an examination of title.
Of course, these types of reports are limited in the scope and information provided and serve a purpose. They should not be relied on for any legal, investment or business decision. For example, if your client intends to develop the land, has concerns about recorded covenants and the ability to use the property, a To Be Determined (TBD) Report should be obtained for research beyond basic information provided by the other reports.
Limited liability lender products
In our ever increasingly competitive residential loan market, Land Title Guarantee Company recognizes our lender customers may not always require the protection and expense of a full ALTA loan policy. Seconds and HELOCs are good examples of transactions that may well be served by a limited coverage, less expensive policy or report.
Land Title offers two limited liability lender products. These products do offer title insurance.
- Record Title Insurance Loan Policy: This policy provides (1) the vestee in the chain of title is as stated and is as recorded, (2) all deeds of trust and mortgage liens of record affecting the property, and (3) a general index search (which will disclose liens only posted to a name, like tax liens and judgments).
- Title Guarantee Policy: This policy provides (1) the vestee in the chain of title is stated and is as recorded and (2) all deeds of trust and mortgage liens of record affecting the property. Please note the Title Guarantee Loan Policy does not include a general index search.
If you are interested in learning more about any of these reports, please contact a Land Title sales representative. Please note, not all products will be available in all counties or for all properties. It is not recommended these reports be relied upon for purchase or investment decisions.