A property abstract is
a gathering of legal documents
That records activities in connection with a specific parcel of land.
deeds, wills, mortgages, court litigations, probate records, and tax sales are generally included. Basically, any fundamental legal document that affects the particular property. An abstract will also present all property owners names, how long an individual owner has held title along with showing the amount the property sold for when it last changed owners. it is rare that an abstract will indicate capital property improvements. Property abstracts are regarded as a good place to start when researching historical buildings.
An abstract of title is therefore the abridged history of the title to a specific real estate parcel, consisting of a synopsis of the earliest grant and any subsequent title conveyances and any encumbrances have an effect on the property plus a certification by the abstractor stating the abstract history is all-inclusive and factual. In the U.S, the abstract of title presents the raw information in preparation of a title insurance policy for the real estate parcel involved.
An abstract of title is different than an opinion of title. Whereas an abstract asserts that all public record documents involving the parcel in question are included therein, an opinion asserts the professional conclusion of the person providing the opinion as to the title vesting and other issues affecting the standing of the chain of title. In several jurisdictions the offering of an opinion of title is defined as practicing law, thus rendering it unlawful for any person that is not an attorney to provide an opinion.
Mar 9, 2011
Legal Real Estate Books