What to look for in title report

[AJ Biz]

If I am buying a property through escrow (in CA), and get title insurance, is there anything i need to worry about from a clean title perspective?

Also, what do i look for in the prelim title report?

I would think look at the summary page which outlines that the title will be provided with the blah blah exceptions:
1. property taxes
2. supplemental taxes
3. any other city/county bond related payments
4. any easements for walkways/electricity lines etc to a public utilitity company

I see a lot of verbiage in those reports which seems boiler plate, like exceptions, deductibles, etc.

Whats a smart way to ensure you are getting good title? Or if you are buying title insurance you are ok?

Usually the bank ownes 75-80% of the asset, and you have to buy them title policy (as a buyer). So i was guessing they would ensure title is clean. But if I am buying all cash, what should i look for?

[Peter Walther]

Make sure you check the commitment before you close, when you get the policy it’s too late to do anything, you've already bought any problem there is.

Vikram is right, check the legal, not the address but the legal and make sure it’s the property you expected, all the property. You would be surprised how many times mistakes are made. The requirements aren’t too important to the buyer; they're generally things the seller has to do to perform though if you’re getting a loan that will be there.

The exceptions will list out the restrictions and easements that affect the property and you want to read them and understand them. You don't want to find out after the fact that you can't use the property the way you wanted to or there’s a gas pipeline easement running through the backyard you didn't know about.

Make sure there isn't going to be an exception for mechanics liens in the policy, especially if the property has just been rehabbed, you don't want to get to pay the subs who did the work.

Get a survey or at least make sure there won't be a survey exception in the policy. I can't tell you the number of times I've had claims where the house the insured is living in actually sits on a different piece of property.