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 mel_ramesh
Joined: 24 Sep 2007
Posts: 2
1.75 Dollars($)
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 Posted: Mon Sep 24, 2007 3:25 pm Post subject: credit report, appraisal report, property report, title repo |
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| i want the defination with example and basic difference between the terminologies. |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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| Posted: Mon Sep 24, 2007 9:36 pm Post subject: |
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Hi Ramesh,
Welcome to the forum.
Title report is a document issued by the title company which indicates the current title to the property. The report also includes any restrictions or liens against the property.
An appraisal report is a document issued by the appraiser giving an estimate detail of the market value of a piece of property of a person. This evaluation of the property is based on a close inspection and a review of the nearby comparable property values.
A property report provides a legal description to the property with an estimation of the price of the home in today's market and how it might perform in the future. It is quite similar to an appraisal report.
A credit report is a record prepared by a credit bureau that shows the credit history of the borrower. It provides information about the borrower's past loan history, tax liens, judgments if any and his other related credit details. |
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liaoyu03
Joined: 09 Sep 2007
Posts: 213
9.09 Dollars($)
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| Posted: Sun Sep 30, 2007 9:04 pm Post subject: |
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HI, the following maybe useful to you.
A report containing detailed information on a person's credit history, including identifying information, credit accounts and loans, bankruptcies and late payments, and recent inquiries. It can be obtained by prospective lenders with the borrower's permission, to determine his or her creditworthiness.
Describes the findings of an appraisal engagement. Reports may be presented in the following formats: oral, letter, form, or narrative; see Uniform Standards of Professional Appraisal Practices.
Required by the Interstate Land Sale Act for the sale of Subdivisions of 50 lots or more, if the subdivisions are not otherwise exempt. It is filed with HUD's Office of Interstate Land Sales Registration.
A Title Report is a legal document that includes a history of ownership of the property (deed), records of any liens and encumbrances, as well as any tax. information and a legal description of the property. A title will also frequently reflect any recorded proceedings such as foreclosure or bankruptcy that are current. Most lenders will not complete a transaction unless a title does not reflect any risk to their investment in the property. |
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