Title report is a document containing the key legal details and history of a piece of property found during a title search. While anyone can get a title report, buyers typically pay for a title report when buying a piece of property as part of closing costs. A title report contains many important details on the property such as: who legally owns the property, whether there are any liens or encumbrances, any past disputes regarding ownership, and the legal description of the property. Getting a title report helps ensure that the buyer receives what they believe they are purchasing by avoiding hidden issues like border disputes, encroachments, or a forged title. Title companies, attorneys, escrow companies, and sometimes other companies can be paid to conduct a title search, and most lending institutions require a title report before lending for a mortgage.
[Last updated in November of 2021 by the Wex Definitions Team]