Abstract of title,
Definition of Abstract of title:
Abstract of title is a record of the title history of a property or other significant asset, including transfers, liens, and legal actions that are connected to the property. This document is crucial for purchasers or investors of a property as a summary of a title’s status to ensure clear title and to validate its provenance.
An abstract of Title is is the brief 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.
Document that establishes the status of the present title to a property, and lists all items of record (such as claims, deeds, judgments, liens) that might affect the quality of the title. Also called abstract and epitome of title where epitome is a listing (or duplicate copies) of documents going back to the root of title.
A summary giving details of the title deeds and documents that prove an owners right to dispose of land, together with any encumbrances that relate to the property.
How to use Abstract of title in a sentence?
- The abstract of title will also record outstanding liens against the property, back taxes owed, or unresolved building code violations.
- Some states have adopted an alternative titling process, known as Torrens, which do not have official title histories but rather rely on physical transference of title certificates without the official recording of a deed.
- Solicitors insist on a full abstract of title.
- Whenever a property or other asset is sold, the title is transferred to the buyer. The abstract of title records that transaction history and provides an official provenance.
Meaning of Abstract of title & Abstract of title Definition