Business, Legal & Accounting Glossary
A compilation of the recorded documents relating to a property, from which an attorney may judge the condition of this title. Still in use in some states, but giving way to the use of title insurance.
A short history of a piece of land that lists any transfers in ownership, as well as any liabilities attached to it, such as mortgages.
n. the written report on a title search which shows the history of every change of ownership on a piece of real estate, and any claims against the property, such as easements on the property, loans against it, deeds of trust, mortgages, liens, judgments, and real property taxes. Some abstracts only go back in history to the last change in title. In some places, the abstract of title is prepared by a title company, and in other places by an individual who is called an abstractor. Most buyers and all lenders require the title report with an abstract. The information in the abstract is up to the moment, comes from the local county recorder’s office, and usually requires an expert search.
In English law, the summary of the deeds, documents, and events under or by virtue of which the owner of an interest in land derives his title thereto. An abstract of title is an epitome of the various instruments and events under and in consequence of which the vendor of an estate derives his title thereto. It is prepared, upon the sale or mortgage of an estate, by some competent person for the purchaser or mortgagee and verified by his solicitor by comparison with the original deeds.
In sum, an abstract of title is a historical summary of all of the recorded instruments and proceedings that affect the title of the property. An example is where a title insurance company will have an attorney prepare an abstract of title prior to granting a title insurance policy.
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This glossary post was last updated: 26th April, 2020 | 4 Views.