An abstract of title includes a historical record of the title of the property. It offers the property’s accurate legal description as to whether there is any risk involved in the transaction or how the property is transacted over time, which may affect the property’s title negatively.
This document is important for buyers, investors, banks, and financial institutions as a summary of the title’s status ensures a clear title and validates its provenance.
What is an Abstract of Title in Real Estate: Let’s UnderstandGenerally, an abstract of title begins with the initial grant deed and includes every subsequent change in ownership along with any additional claim, including tax sales, restrictions, encumbrances, liens, encroachments, litigations, etc.
Property buyers should ideally obtain a copy of the abstract of title before signing the sale agreement. Similarly, property owners need to keep a copy of the abstract of title for their properties, as it costs a lot of money to get a duplicate copy. This is why many property owners keep this document in safe deposit boxes as a preventative measure against fire or theft. You should check with the concerned authorities for the legal documents, before sealing the property deal.
Read more:
How to verify property documents online?
What documents are needed to check while buying a resale property?
I hope now you know everything about the abstract of title.
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What is an abstract of title in real estate?
Kanan
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2021-12-29T17:52:45+00:00 2021-12-29T18:15:26+00:00Comment
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