Q.What is an abstract of title?

A.An abstract of title summarizes all of the transactions that have taken place with a particular parcel of real estate. Each time a property is transferred or sold or an easement granted the abstract of title is updated to reflect the new transaction and a search is performed to detect any judgments, bankruptcies, tax liens, and other defect that may have affected the title since the time of the last update. The abstract of title is used by title insurance companies and attorneys to determine who actually owns the real estate. Generally, a purchase agreement will provide that the seller will pay for and provide an updated abstract of title to the prospective buyer for examination.

© Copyright 1999-2024 Melissa C. Marsh. All Rights Reserved. All Information on this website is subject to a Disclaimer and Use Agreement. This information is provided as general information only and should not be construed as legal advice. We advise you to seek the advice of competent legal counsel to address your own specific questions, facts and circumstances.