A Preliminary Report is defined in Section 12340.11 of the California Insurance Code as follows:
“Preliminary report,” “commitment” or “binder” are reports furnished in connection with an application for title insurance and are offers to issue a title policy subject to stated exceptions set forth in the report and such other matters as may be incorporated by reference therein. The reports are not abstracts of title, nor are any of the rights, duties or responsibilities applicable to the preparation and issuance of an abstract of title applicable to the issuance of any report. Any such report shall not be constructed as, nor constitute, a representation as to the condition of title to real property, but shall constitute a statement of the terms and conditions upon which the issuer is willing to issue its title policy, if such offer is accepted.
To see a detailed overview (including images) and examples of what could be found in the Preliminary Title Insurance Report, download the full PDF.