{"id":673,"date":"2019-05-22T13:35:31","date_gmt":"2019-05-22T17:35:31","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=673"},"modified":"2024-04-25T23:21:05","modified_gmt":"2024-04-26T03:21:05","slug":"the-abstract-of-title-in-real-estate-what-is-it","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/the-abstract-of-title-in-real-estate-what-is-it\/","title":{"rendered":"The Abstract of Title in Real Estate: What Is It?"},"content":{"rendered":"\n
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An abstract of title<\/em> is a\nwritten chronology of all recorded documents and proceedings related to a\nspecific piece of real estate. It shows the names of all the owners, how\nlong each held title, and what each paid for the property.<\/p>\n\n\n\n

The abstract\nis used for verifying a property’s marketability. The abstract offers\nassurance that the property is just as the seller represents it, both in the\naccuracy of its physical description and the integrity of its title.<\/p>\n\n\n\n

The classic\ntitle abstract goes back in history to the earliest available records\u2014sometimes\nas far back as the original land grant or patent deed from the U.S.\ngovernment.<\/p>\n\n\n\n

The abstractor of title<\/em> is the\nperson who researches this history, summarizes the relevant documents, and\ncertifies the binder as true and complete.<\/p>\n\n\n\n\n\n\n\n

Who\nIs the Abstractor?<\/h2>\n\n\n\n

The first abstractors were attorneys. Today’s\u00a0abstractor studies\u00a0under an experienced abstractor and may be licensed by the state.\u00a0For example, an\u00a0Oklahoma abstractor is\u00a0licensed<\/a> by the\u00a0state board.<\/p>\n\n\n\n

In other\nstates, an attorney who earns a commission on the title insurance product is\nthe same person who prepares the abstract.<\/p>\n\n\n\n

Today’s abstractors typically research a property by searching county records and by using records already stored in their abstract plants\u2014sites managed by\u00a0title-insurance companies to hold\u00a0copies of documents.\u00a0Counties typically store their records by year. A property’s complete title history may be contained by numerous record books, and is time-consuming to find. (That said, expect the process to evolve as\u00a0real estate market data<\/a>\u00a0generally becomes more accessible and high-tech.)<\/p>\n\n\n\n

The abstractor must have sharp analysis skills. Abstractors must recognize which documents could be erroneous or void. For example, an abstractor in Ohio might find a recent transfer on death deed. The provision of the Ohio Revised Code<\/a> that governs the deed\u00a0requires the grantor to file an\u00a0affidavit with the county prior to death. If the deceased did not record the legally required affidavit before death, the abstractor must determine\u00a0that the\u00a0deed is void and that the real estate remained\u00a0vested in the grantor\u2019s estate.\u00a0<\/p>\n\n\n\n

What\nElse Does the Abstraction Process Uncover?<\/h2>\n\n\n\n

A seller\ncould be asked to produce an abstract to uncover any interests others\nmight have in the property, or whether some unknown party could have reason to\nchallenge a buyer\u2019s ownership. Thus, the abstractor is responsible for\nfinding all major transactions and legal issues, and for including:<\/p>\n\n\n\n