An abstract of title is a comprehensive summary of the various legal documents and records affecting the title of a piece of real property.
It includes a chronological history of the ownership, including any transfers of property, mortgages, liens, easements, and other encumbrances that may affect the property's title.
The abstract provides potential buyers or lenders with crucial information about the property's legal standing and any claims or rights others may have on it.
It is an essential tool in real estate transactions, used to verify the seller's right to transfer ownership and to identify any conditions or restrictions on the property's use.
Before a real estate transaction can be completed, an attorney or title company typically reviews the abstract of title to ensure that the title is clear—that is, free of any issues that could affect the buyer's rights to the property.
Real Estate Law: Central to conducting due diligence before purchasing or financing real property.
Property Transactions: Aids in resolving disputes over property ownership and encumbrances.
A common misconception is that an abstract of title guarantees clear title to the property.
In reality, the abstract only reports the history of the title as found in public records; it does not assure the title's validity. A separate opinion or title insurance policy is typically necessary to protect against defects not listed in the abstract.
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