Escrow & Title
In Idaho, what is the function of a 'preliminary title report' (or title commitment)?
AA final guarantee of marketable title
BA report issued before closing identifying existing encumbrances and setting out the conditions under which the title company will issue a policy✓ Correct
CThe property's final appraisal
DA summary of the closing costs
Explanation
A preliminary title report (or title commitment) is the title company's offer to issue a policy subject to stated conditions. It discloses existing liens, easements, covenants, and other encumbrances, and lists requirements that must be met before the policy will be issued. Parties review it during the due diligence period.
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