Escrow & Title
A 'lot book report' (also called a property profile) is typically used to:
APerform a complete title search for insurance purposes
BProvide a quick summary of recorded property information for brokers and buyers researching properties✓ Correct
CRecord a new deed with the county
DCertify the accuracy of the property's legal description
Explanation
A lot book report (or property profile) is a quick, informal summary of available public record information about a property — including ownership, legal description, liens, and taxes. It is used by brokers for research but is not a title insurance commitment or guarantee of title.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
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