Reading & Understanding Title Reports

What is "title"?

Oregon Title Companies

• Must have title plant in county
• All services must be provided in Oregon
• May jointly maintain title plant

Preliminary Title Report vs. Title Commitment

Insurable vs. Marketable Title

Untitled Slide

What is Insured?

• Title Vested
• Any defect, lien or encumbrance
• Unmarketable Title

Endorsements

• Zoning
• Access
• Environmental
• Location of Improvements

Abstract or Chain of Title

Contents of Title Report

Estate in Land

Methods of Conveyance

• Statutory Warranty Eeed
• Bargain & Sale Deed
• Quitclaim Deed
• Land Sale Contract

Current Owner & How Vested

Legal Description

Liens

CC&Rs & Bylaws

Easements

Taxes

Other Types of Title Insurance

• Litigation Guarantee
• Foreclosure Guarantee
• Chain of Title

Handling Title Claims

Lien Priority

• First Mortgage or DOT
• Tax Lien
• HOA/Condo Lien
• All other liens

Types of Easements

• Prescriptive
• Necessity
• Plat
• Written/Recorded

Concurrent Estates

• Tenancy in Common
• Tenancy by the Entirety
• 120 hour rule