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Steps For The Buyer

The homebuyer’s process involves completing an Identity Statement, applying for a home loan, responding to seller’s notices and disclosures, reviewing the preliminary title report, and navigating a complex network of professionals to ensure a smooth closing.

Steps For The Buyer

Identity Statement

You will be asked to fill out an Identity Statement that enables our title department to distinguish you from others with identical names during our search of County records. It also provides basic information that will be useful to your escrow officer.

Home Loan

Unless you are paying cash, assuming a loan, or the seller is financing, you will need to apply for a home loan if you have not already done so. Apply as soon as possible to comply with the purchase contract and prior to insuring to avoid delaying the closing.

Preliminary Report

You will receive a copy of the preliminary report when we complete the title search. If you have questions about the preliminary report, contact your real estate agent or your escrow officer.

Response To Seller's Notices

If directed by the contract, you may receive the following items which require a response from you:

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- Seller’s property disclosure statement listing any existing problems known to the seller

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- Information pertaining to the Homeowners Association (HOA) or Planned Unit Development (PUD), such as Covenants, Conditions and Restrictions (CC&Rs), if applicable

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- Flood hazard disclosure if the real property is in a flood area

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- Independent inspections, such as termite and septic, and any repairs as required

Consider This

One escrow transaction could involve over 20 individuals, including real estate professionals, buyer, seller, attorney, escrow officer, escrow technician, title officer, loan officer, loan processor, loan underwriter, home inspector, termite inspector, insurance agent, home warranty representative, contractor, roofer, plumber, pool service, and so on. And often one transaction depends on another.

 

When you consider the number of people involved, you can imagine the opportunities for delays and mishaps. While your experienced real estate professional, escrow, and title team can’t prevent unforeseen problems from arising, they can help to ensure as smooth a closing as possible.

The Preliminary Report

A preliminary report contains three important elements:

White Marble

1

Dated formal report

The specific description of the title on a particular parcel of land

2

The conditions under which First American is willing to insure the property by the later issuance of a policy of title insurance.

3

Preliminary reports are “furnished in connection with an application for title insurance and are offers to issue a title policy subject to stated exceptions… and such other matters as may be incorporated by reference.” Ins. C §12340.11 The report is an offer to issue a title policy. A preliminary report is not a representation as to the condition of title to real property. It is solely a statement of the terms and conditions under which the insurer is willing to issue its title policy, if an offer is accepted.

The Preliminary Report consists of the following:

There are two deadlines, both of which begin on the date of transfer of the first relinquished property:

COVER PAGE

EXCLUSIONS FROM COVERAGE

PREPRINTED EXCEPTIONS

TYPEWRITTEN EXCEPTIONS - PROPERTY SPECIFIC

Included in the Preliminary Report is information which identifies the form of policy which the title company is offering to issue. The Preliminary Report details the various exceptions and exclusions which will be reflected in the policy.

The Preliminary Report also provides the legal description for the property that is the subject of the report as well as the record owner of the Subject Property. The Preliminary Report explained on the pages that follow is used by all members of the California Land Title Association.

Sometimes items show up against a parcel of real property because another person has a name similar to an involved party. This is one reason we ask for an Identity Statement, to determine if items are inaccurate and can be deleted.

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