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Preliminary Title Report

Preliminary Title Report
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A preliminary title report is an initial document issued by a title company during escrow that outlines the status of a property’s title and lists any recorded encumbrances, liens, easements, or other claims against the property. Essentially, before a real estate transaction close (and title insurance is provided), the title company generates this report to show the buyer and seller (and lender) what the chain of title looks like and any issues that need clearing. For example, a preliminary title report will show who currently owns the property, any mortgages or tax liens outstanding, any use restrictions or CC&Rs, and judgments or other clouds on title. It will also enumerate “exceptions” – matters that the title company will not insure unless resolved (such as an unreleased lien or a pending legal claim). For high-net-worth investors (especially those investing in individual properties or through syndications), reviewing the preliminary title report is a key part of due diligence: it helps ensure the property they’re investing in truly has clear, marketable title and that there are no hidden surprises (like an easement allowing a neighbor access, or a mechanic’s lien from a contractor) that could affect value or operations. Lightstone, acting as the sponsor, handles title due diligence on behalf of investors – addressing any title issues prior to closing – and the investors indirectly benefit from this thorough process. By the time an offering is presented to investors, the expectation (aligned with Lightstone’s transparency ethos) is that the title is clean or any known issues are disclosed and accounted for, with the preliminary title report serving as a foundational checkpoint in that verification process.

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