How Much Does a Preliminary Title Report Cost?

A preliminary title report refers to the legal document obtained after a home’s title has been reviewed by a lawyer and cleared of any obstacle for selling.

Also known as a settlement statement, the preliminary title report usually enumerates all settlement costs to both the buyer and seller of the property, title commitment, and a title insurance policy.

With this document, the buyer is protected that the property he or she acquired is free of a clouded title, while the seller is assured that there are no existing liens on his property that has to be paid at settlement.

In essence, it will help either a lawyer or real estate agent understand the property in question.

How much does a preliminary title report cost?

Generally, a preliminary title report is going to cost you around $25 to as much as $125.

According to the information given at Justanswer.com by a lawyer, the cost of a preliminary title report is usually less than $50 each.

What are the extra costs?

There are actually two types of title reports: the preliminary title report and the full title report.  While title reports are free of charge if you have an account with the title company you are dealing with, you might be required to pay for title insurance.

If you are having this report drafted by a lawyer, the price of the preliminary title report will cost more than the simple filing fees.

Tips to know:

A preliminary title report will be prepared before a title insurance policy is issued.  It will show the full ownership of the parcel of land, together with any liens or encumbrances.  It will also show covenants, conditions and restrictions, detailed easement information, tax information, the status of the property and possible lien items that may need to be cleared before the close of escrow.

If you are a seller or buyer of a property, you should contact a trusted real agent and/or lawyer to help represent you throughout the negotiations.  A reputable real estate professional has access to records and evaluations required in providing both parties involved with a preliminary estimate of all closing settlement amounts for a property.

When reading a report, it is very important that you pay close attention to the owner’s name, type of estate, the taxes, easements, CC&Rs, deed of trust recording, tax liens, legal description and the plot map.  If you see any discrepancies, get this sorted out before filing.

How can I save money?

Choose an attorney who you can trust to represent you well, but don’t focus on the cost.  The cheapest option may not offer you the service you want.  Don’t know where to look for an attorney?  Try finding one through LegalMatch.com to find a highly rated lawyer in your area.

There are ways to get this report for free.  If you are closing on a home, talk with you real estate agent and the escrow officer in charge.  Before the home closes, the escrow agent may be able to show you this title report at no charge.

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Average Reported Cost: $1000

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How much did you spend?

1. sandy carter (columbus,  Georgia) paid $1000 and said:

   a old car
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   Was it worth it? Yes