subject: What Should Homeowners Know About Property Abstracts Of Title? [print this page] Do you ever wonder if the property you own is free of other claims? Or you might also just be curious about the history of your property's title throughout the years. Then you may need to become familiar with abstracts.
Let's talk about property abstracts first. They are a collection of official documents that explain all of the activities that can be connected with a particular piece of property or land. Examples of records you might obtain through a property abstract are references to deeds, mortgages, wills, probate records, litigations in court and tax lien sales. The abstract will also list all the names of the property's earlier owners, plus the dates they owned it and the price paid to initially obtain it. Property abstracts are frequently considered a great starting place when conducting property-related research, as they are full of many useful details.
Next we will consider the abstract of title. You'll find an abridged version of a property's title since the home was built in an abstract of title. An abstract of title consists of a general synopsis of the original grant of land and all subsequent conveyances. You will also find any encumbrances affecting the property in an abstract of title. The abstract of title additionally includes a certification from the abstractor who compiled it to ensure completeness and genuineness.
For homes in the United States, the abstract of title is the starting point that provides unaltered facts for the preparation of title insurance policies. The piece of property in question benefits directly from these policies. Iowa is the only exclusion to this practice. If you live in Iowa, by comparison, a Title Guarantee policy is available instead.
Be conscious that an abstract of title is not the same as an opinion of title. The professional judgment of a person who is offering an opinion with respect to such issues as the vesting of the title is what an opinion of title describes. The concept of a chain of title is also referred to in an opinion of title since it relates to a process linking all title holders to a specific parcel of property back to its previous owner, all the way back to the initial grant of land. Unlike an abstract of title where any qualified person can research and compose it, in many states only an attorney can create an opinion of title.
