What is an Abstract of Title?
An abstract of Title is a chronological overview of all of the historical legal documentation associated with a property or asset, including titles, transfers, and claims against the property. Typically, an abstract of title for a property will begin with the initial grant deed and include all subsequent changes in ownership as well as any additional claims, including easements, encroachments, encumbrances, liens, litigations, restrictions, and tax sales. To place an order for an abstract of title, contact Abstract & Title Co. of Ringgold County.
What Does the Abstract of Title Include?
The abstract of title can be a fairly robust document, depending on the length and complexity of the property’s history. Assuming this information is available, it will typically include details about the initial deed grant and all previous sales of the property. Additionally, it will summarize:
These details included in the abstract can help you become aware of any red flags you might have otherwise missed, prior to purchasing the property. If the abstract reveals a lien, for example, you’ll know to have this debt cleared up by the seller before you close on the property. If you don’t discover this lien, you could end up assuming legal responsibility for it — meaning you would owe the money to the creditor in question.
Abstract of Title vs. Title Search
A title search similarly digs into a property’s history, however, only from the current owner to the present time. The abstract of title, on the other hand, generally lays out the property’s entire history from the point that it was first recorded as an owned parcel of land.
For more information about abstract of titles or to schedule a consultation, call us at 641-464-2108.