A Preliminary Judicial Report may be issued for the use and benefit of the guaranteed party in connection with a judicial proceeding and the purchaser at the judicial sale, resulting there from, guaranteeing the record title only. For judicial proceedings other than lien foreclosures, the premium rate for PJRs is $3.00 per thousand of the fair market value of the land involved.
For judicial proceedings involving the foreclosure of a lien, the premium rate is also $3.00 per thousand of no less than the unpaid principal balance due on the foreclosed lien.
A Commitment for Title Insurance can be filed in lieu of a Preliminary Judicial Report for foreclosures of commercial properties or multi-family residential properties with four or more units under ORC 2329.191. The amount of the Commitment should be based on the amount of the lien being foreclosed. The premium is fifty cents per thousand dollars of coverage, with a minimum premium of $100. Coverage terminates thirty days after recordation of the Sheriff's Deed unless an Owner's Policy of Title Insurance is purchased.
