The P.R., as it is commonly referred to, is a Preliminary Title Report. It is also called a Commitment for Title Insurance; both names refer to the same report.
The P.R. is a commitment for title insurance, whereby the agent agrees to issue a policy of title insurance if the requirements set forth under Schedule B – Section 1 are met. If the requirements are not met within 6 months, the obligation under the commitment ends and transfers to the Policy.
We liken the P.R. to a road map, in that it directs you to obtain the necessary documents and funds to achieve the desired outcome, i.e., transfer of ownership, release of paid liens and the perfection of new liens. In most cases, the Escrow Agent assists in the clearing of the P.R., obtains the documents and funds, records the documents and disburses the funds.
Our obligation to you as the insured does not end there. We must then obtain the necessary release documents from lien holders paid through the settlement to ensure you and the borrowers have marketable title.
If you have any questions about Real Estate feel free to contact my office and we will be glad to help you out.
Voice or Text 801-999-8209 or Rob@Aubrey.net