Title is the right to, or ownership of, a specific property. A Title or Deed is sometimes used as proof of ownership of land. Clear title refers to a title that has no legal defects.
Buyers get a Preliminary Title Report (PR) from their Escrow Officer within a few days of an accepted offer. The PR identifies all parties with a legal claim to the property, what items need to be cleared from title before the new buyer can take possession, and if there are any recorded easements or encroachments on the property. Once the transaction closes, the buyers will receive a final title policy recording their names as the new legal owners, along with the amount of title insurance and will be made part of the county’s public records.