Abstract Of Title Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Abstract Of Title, written in plain English, along with examples of how it is used.
What is Abstract Of Title?
n. it is a brief account of all the deeds upon which the title to an estate rests; a condensed history to a particular parcel of real estate; consists a summary of the original grant and all subsequent conveyances and encumbrances affecting the property.
History and Meaning of Abstract Of Title
An Abstract of Title is a document that provides a summary of the various activities that have taken place in the history of a particular property. This document is created to assist real estate professionals and attorneys in their dealings with the property, and it typically includes information regarding the original grant of the property, all subsequent conveyances, and any encumbrances that may affect the title of the property. The Abstract of Title provides an overview of the history of the property without including all of the documents that have been executed for the conveyance of the property. As such, it is a valuable tool for determining who has had an interest in the property over the years.
Examples of Abstract Of Title
Examples of situations where an Abstract of Title would be useful include when a property is sold or when a property owner is seeking financing. When a property is sold, the buyer will want to ensure that the title is clear and free of encumbrances that could affect their ownership of the property. The Abstract of Title can assist with this by providing an overview of the history of the property. Similarly, when a property owner is seeking financing, the lender will want to ensure that the title is clear and free of encumbrances that could affect the lender's ability to recover their investment in the event of default.
Legal Terms Similar to Abstract Of Title
Related legal terms that are similar to an Abstract of Title include a "title search" and a "title report." A title search is a process of examining the public records to determine who has an interest in the property, and a title report is a written document that summarizes the results of the title search. A "chain of title" is a related legal term that refers to the history of ownership of a particular property, and it includes all of the conveyances that have taken place over the years.