B2. What to Look for in Your Title Reports

1. The person who is signing the contract is the same person that title is vested in or has power of attorney for the person listed.

When you are at closing request that the Seller provide identification.

2. The address of the property is correct.

3. All taxes are paid or the balance of unpaid taxes is not significant enough to possibly prevent closing.

4. Water and sewer rents are paid to date.

Most recent months may not be available. Any excessive outstanding amounts due will generally appear later in the report as a judgment or municipal claim.

5. No outstanding excessive gas bills.

6. No existing mechanics liens or municipal claims.

7. No outstanding mortgages that exceed purchase offer.

8. No outstanding judgments exist.

If judgments are listed check date to see how old they are. If they are old they may have been settled and simply need verification. Judgments also appear based on name. If the name is slightly different or the address is different from the property or the current property owner, this judgment may not be against the current owner. This ultimately needs to be discussed with the current property owner. If the judgment is valid but the property owner claims to have settled it, request that the owner send acceptable documentation to the title agent to clear this issue.

9. No outstanding federal liens or recent bankruptcies.

10. Check that the property description (usually listed towards the end) is in fact the property in question.

Next: C. Phase I Environmental Assessment

OHIO CAPITAL CORPORATION FOR HOUSING