Unfair Competition
The written analysis of the status of title to real property, including a property description, names of titleholders and how title is held (joint tenancy, etc.), tax rate, encumbrances (mortgages, liens, deeds of trusts, recorded judgments), and real property taxes due. a title report made when the report is ordered is called a “preliminary report,” or a “prelim,” and at time of recording an up-to-date report is issued which is the final title report. the history of the title is called an “abstract.” a title report is prepared by a title company, an abstractor, an attorney or an escrow company, depending on local practice. normally a title report’s accuracy is insured by title insurance which will require the insurance company to either correct any error or pay damages resulting from a “cloud on title,” encumbrance or title flaw in the title which was not reported.
