A
written history of all the transactions that bear on the title to a
specific piece of land. An abstract of title covers the time from when
the property was first sold to the present. Used by the title company
to produce a title binder.
An abstact of title is also known as a title search
or title opinion.
If you are refinancing, any existing liens or
mortgages will need to be paid off prior to closing or with the loan
proceeds.
This is one of the first steps of the lending
process and often times this abstract is done prior to the home (if
this is a purchase) being put on the market.
An Abstract Of Title by definition is a brief
history of the transfers of a piece of land, including all claims that
could be made against it.
Items included in an abstract of title include but
are not limited to deeds, mortgages, satisfactions, easements,
covenants and restrictions.
This is used to determine if there are any claims
on the property or land. The abstract of title will help determine if
the property can be transferred from party to party free of any claims.