What is an abstract of title?
An abstract of title is a summary of the legal history of a piece of real property. It is used by title insurance companies as the basis for issuing title insurance and by attorneys examining title as the basis for their conclusions with regard to ownership. Despite its importance, the abstract of title is not a legal document and is not prepared by any governmental agency. Rather, it is a summary prepared by a title company or abstracting firm. To prepare the abstract, an employee of the firm, called an abstractor, reviews all of the records on file with the office of the county recorder or similar government land title office, which relate to that particular piece of property. The abstractor prepares a short summary of each transaction, arranged in chronological order, which identify the instruments (deed, mortgage, etc.), names the grantors and grantees, lists the dates the instruments were signed and filed, and, where appropriate, provides a summary of their contents. This sequence
Related Questions
- What happens when the escrow company or title company discovers a judgment lien or abstract recorded against an obligor who is buying, selling or refinancing a piece of real property?
- Who examines the Abstract to determine who owns the property and whether the title is marketable?
- Does each Abstract or Title Company Office need a licensed Abstractor?
