What is an Abstract of Title?
A title abstract is a report of the history of the ownership of a piece of real property. The title abstract contains various documents such as deeds, deeds of trust/mortgages, judgments, liens, and encumbrances. Generally, these documents are public record and are recorded in the land records where the property is located. When someone purchases real estate, it is always recommended that they examine the history of the property. A review of this history will determine, among other things, whether the seller of the property in fact owns the property and determines whether title is free and clear.
When do you need a Title Abstract?
When you are purchasing a piece of real property, it is important to order a title abstract of the property to ensure there is clear title and to reveal any potential issues. Your mortgage company or lender will often require an abstract of title so they can be sure their interest in the land is protected.
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