REAL ESTATE TITLE ABSTRACTION
Definition: An abstract of title is a written history of all the recorded documents and proceedings related to a specific property.
When buying a real estate property, you do not want to purchase any piece of land with liens or other hidden problems.
if you're going to buy a home with liens on it, you need to know what they are and how much. You don't want survey problems either. You also don't want claims on the property hiding out there; an example being an ex spouse claiming ownership not shown on the title. An abstract of title should show everything recorded at the county courthouse in relation to the property you're buying.
All liens, encumbrances, encroachments and claims should be on this report. Only things on record at the courthouse will be found, but normally anything not recorded is not as big of a threat, and you can buy title insurance to cover unknown title defects. An attorney or specialist at searching county records normally does this. An attorney should read the abstract and comment on any problems they may see. You don't want to sign on the dotted line until this is done.
What should be found in Title Abstraction?
This can be a pretty thick pile of paper, as a copy of all of the stuff found will be there to be inspected carefully:
Article Source: https://www.thebalance.com/abstract-of-title-in-real-estate-2866355
Record Fetcher's expertise in producing title abstraction is a proof that the company is reliable and fast in providing great service to its clients.
We have been doing real estate search services for over 8 years now. Contact us for inquiries and orders. We would be very glad to assist you.
When buying a real estate property, you do not want to purchase any piece of land with liens or other hidden problems.
if you're going to buy a home with liens on it, you need to know what they are and how much. You don't want survey problems either. You also don't want claims on the property hiding out there; an example being an ex spouse claiming ownership not shown on the title. An abstract of title should show everything recorded at the county courthouse in relation to the property you're buying.
All liens, encumbrances, encroachments and claims should be on this report. Only things on record at the courthouse will be found, but normally anything not recorded is not as big of a threat, and you can buy title insurance to cover unknown title defects. An attorney or specialist at searching county records normally does this. An attorney should read the abstract and comment on any problems they may see. You don't want to sign on the dotted line until this is done.
What should be found in Title Abstraction?
This can be a pretty thick pile of paper, as a copy of all of the stuff found will be there to be inspected carefully:
- Liens: Mechanic and repair liens, or liens for monies borrowed against the property, second mortgage, etc.
- Tax liens: If property taxes are in arrears, there could be tax liens on the property. They take precedence over other liens and you can lose the property if they're not paid.
Article Source: https://www.thebalance.com/abstract-of-title-in-real-estate-2866355
Record Fetcher's expertise in producing title abstraction is a proof that the company is reliable and fast in providing great service to its clients.
We have been doing real estate search services for over 8 years now. Contact us for inquiries and orders. We would be very glad to assist you.