Escrow & Title
In Montana, a preliminary title report (title commitment) typically identifies which of the following?
AThe property's appraised market value
BAll recorded liens, easements, encumbrances, and conditions affecting title✓ Correct
CThe buyer's credit score and financing terms
DThe property's assessed value for property tax purposes
Explanation
A preliminary title report (title commitment) identifies all recorded items affecting title to the property—mortgages, tax liens, easements, CC&Rs, judgments, and other encumbrances. This information allows the buyer to evaluate what they're purchasing and what conditions must be met before title insurance will be issued.
Related Montana Escrow & Title Questions
- A 'deed in lieu of foreclosure' in Montana means that:
- The purpose of a title search is to:
- When a buyer purchases a property and receives a title insurance policy, the one-time premium covers:
- In Montana, 'proration' at closing refers to:
- Which of the following is typically a buyer's closing cost in Montana?
- In Montana, when a closing is conducted by mail or remotely (as is common in rural areas), the escrow agent ensures:
- In Montana, a 'satisfaction of mortgage' (deed of reconveyance for a trust deed) should be recorded within how many days after the loan is paid off?
- In Montana, a 'subordination clause' in a mortgage or deed of trust allows:
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