Escrow & Title
In Hawaii, what is the 'preliminary title report exception' list?
AA. A list of defects the title company will not cover under the insurance policy
BB. A list of matters shown in public records that affect title and are excluded from or required to be addressed before the policy is issued✓ Correct
CC. A list of required repairs before the title company will issue a policy
DD. A list of the buyer's objections to the title search findings
Explanation
The preliminary title report lists exceptions—specific encumbrances, easements, and liens that will be excluded from coverage (Schedule B) or that must be resolved before the policy issues.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
State-Specific Concepts
DRE Regulation
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