What is the primary purpose of a “title report”?

The primary purpose of a title report is to provide vital information about a property’s title status to the buyer and lender. A title report confirms the legal ownership of the property and reveals any potential issues that could affect the title, such as liens, encumbrances, judgments, or other claims that may exist against the property. This information is crucial for both the buyer, who wants to ensure they are acquiring clear title, and the lender, who needs assurance that their investment is secure against any title defects. The title report helps to facilitate a smooth transaction by ensuring that both parties are fully informed about the title history and current status of the property.