Do you know what to look for in the title commitment/report you receive as a buyer of property? The title report may reveal negative matters that will hurt you if you close on the home. The Arizona contract gives the buyer the right to object to adverse title matters and to cancel if necessary. Fail to object or cancel and you may be stuck with a defect that impairs the value of the home. For example, there can be errors in Schedule A (the sale price, identity of the property and who holds title). And Schedule B-Section I must be reviewed for the requirements to be met, and the things that must happen to close. Finally Schedule B-Section II should be carefully examined, as it includes exceptions to the policy and what matters are not covered nor insured. Unfortunately the Arizona Association of Realtors does not believe agents have the expertise to handle this important step, directing agents to “[r]efer the buyer to the escrow officer or an attorney if there are questions or concerns about the title commitment.” If the buyer doesn’t have a “question or concern” a title defect won’t be investigated or objected to and bad things could happen! I perform an in-depth, line-by-line review of the title report to make sure the client is protected. This is just one example of the “attorney-broker advantage” you get when use me in a home sale. Don’t accept less, as a title defect you can cost big bucks.
What’s in a Preliminary Title Report?
by firstname.lastname@example.org | May 3, 2022 | Home Buying, The Attorney-Broker Advantage, Title Insurance + Escrow | 0 comments