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A preliminary report contains the history of the property
A title commitment is an essential document in the loan process
Any issue on the report that does not be arised on time
It’s important for LP to understand the preliminary title report clearly
Title commitment is one of the most important documents
By reviewing the preliminary report at the beginning
The preliminary report gives buyers and sellers all date about the title status of the property
Go over the title commitment
After finding out about the solar information, ask escrow if they have the supported documents regarding the solar.
Double check with the borrower to confirm the solar is lease
Obtain the lease agreement from the borrower.
Checking with the escrow if they can help obtain the information (If not, need to contact the solar company for the instructions)
Title commitment
=> If SOLAR is a lease → Follow the instructions on the case above
=> If SOLAR is a LOAN
1/ Need to check the Solar Loan Statement document
2/ Need to check with the Solar lender to make sure which options they will approve
3/ Check with the escrow to see if they can offer assistance with clearing the solar condition
Any Questions?