Return To Blog
Preliminary Title - Third Step
By David Schmidt - December 22, 2017
After a term sheet has been executed by the borrower and David Schmidt has completed the due diligence process on the value of th real estate the next step is ordering a preliminary title report.
A title report is provided by the title closing company that will eventually complete th transaction. CoHI generally allows the borrower to choose the title company. CoHI contacts the clsoing officer and orders a preliminary title report which will ultimately provide a lensers policy for the loan.
A title will describe the property as well as any encumbrances or liens on the subject. David Schmidt will then review this report and verify that the property has a "clean title" or if there are "clouds" on title that need to be cleaned up.
This process shoudl take a few days.
Once we have a clear title we can go on to the next step of the process which is the ordering of Loan DOCS.