Abstract of Title
Abstract of Title
Abstract of Title, in law, a brief and orderly written statement concerning real property (land). It furnishes a complete history of the title to be transferred, showing not only the origin and nature of the interest of the seller but also all encumbrances and other interests, such as mortgages, easements, recorded judgments, and trusts that affect the title. In the United States, public records provide the information for an abstract of title.
After entering into a contract of sale, a purchaser of land generally employs a lawyer or a title-abstract company to make a search of the title and compile a report. If the abstract shows any defects in the title, the purchaser may refuse to proceed with the sale or refuse to proceed until such defects are cured by the seller. A similar procedure is generally followed by a mortgagee before lending money on a mortgage. (1)
Description of Abstract of Title
Abstract of Title
Good, Merchantable Abstract of Title
Resources
See Also
- Marketable title
Resources
See Also
- Torrens title system
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