What is an Ownership and Encumbrance Report?
An Ownership and Encumbrance Report (O+E Report) verifies the last recorded owner of a property, the legal description of the property, and identifies open liens (mortgages, judgments, etc.) that may affect the title.
An O&E report examines the title and its encumbrances back to the last traditional closing on the property. While an O+E Report is not insurance or a title examination, it aids in the closings of equity and home improvement loans.
What is Included in an Ownership and Encumbrance Report?
An O+E Report prepared by VTS is comprehensive and includes:
- All mortgages and deeds back to the most recent verified sale for the current vested owner(s) with ownership interests totaling 100%
- A listing of marriage licenses, divorces, death certificates, and probate records necessary to complete the chain of title (as available through public county records)
- Listing of liens for vested owners(s) of the subject property
- Recorded assignments, subordination agreements, and modifications for any open liens
- Listing of involuntary liens filed against the subject property during the scope of the search
- Open involuntary liens filed against the current owner(s) based on state statute