Escrow & Title
What is a 'preliminary title report' (prelim)?
AA report on the property's physical condition
BA report issued by a title company showing the current state of title to a property, including all liens, encumbrances, and exceptions, before issuing title insurance✓ Correct
CA report summarizing all offers received on a property
DA report of the property's HOA finances
Explanation
A preliminary title report (prelim) is prepared by a title company and discloses all recorded matters affecting the title to a property: liens, encumbrances, easements, CC&Rs, and other exceptions that will not be covered by the title insurance policy. Buyers and lenders review the prelim before closing.
Related California Escrow & Title Questions
- In California, the escrow officer receives instructions from:
- After a loan is paid off in California, the lender should provide a:
- An 'abstract of title' is best described as:
- Which of the following is an involuntary lien?
- What is title insurance and what does it protect against?
- What is the purpose of a 'FIRPTA withholding' in a real estate closing?
- When does title officially transfer to the buyer in a California real estate transaction?
- Which of the following best describes 'title insurance'?
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