Our Underwriters:

Chicago Title

First American Title Insurance Company of Oregon
 

United General

Preliminary Report/Loan Commitment

The Preliminary Report also known as the Loan Commitment is an offer to issue a policy of title insurance covering a particular estate or interest in land subject to stated exceptions. Since these exceptions may point to potential problems with your intended purchase, it is important for all parties to review the report once it is received.

A Loan Commitment provides a list of the matters which will be shown as exceptions to coverage in a designated policy or policies of title insurance, if issued currently, covering a particular estate or interest in land. It is designed to provide an interim, or "preliminary" response to an application for title insurance and is intended to facilitate the issuance of the designated policy or policies. It is normally prepared after application (order) for such policy (ies) of title insurance on behalf of the principals or their agents to a real property transaction, for the purpose of facilitating the closing and policy issuance in form and content approved by those parties.

If a title policy is not contemplated, a Loan Commitment should not be ordered. Instead, consideration should be given to requesting a Letter Report or other similar product.

After a title order has been placed, matters relative to the title policy coverage on the subject property are assembled in a title search package and examined by one of our skilled technicians. After it is underwritten, the Loan Commitment is prepared and sent to the customer. The report contains relevant information so that the parties to the transaction will become aware of matters affecting the property and requirements used to facilitate their transaction.

The matters shown in the Loan Commitment are as follows:

• The effective date of the search.
• The amount of insurance requested / loan amount.
• The name of the proposed insured / lender.
• The present owner (s) of the estate or interest.
• The parcel of land involved / address and legal description.
• The exceptions, liens, encumbrances and other risks which will not be insured against if a title policy is issued.

Other requirements and provisions which are reflected as requirements in the Loan Commitment are removed if and when a title policy is issued.

Residential Customers please click here.

Commercial Customers please click here.

Realtors please click here.

Mortgage Professionals please click here.