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Checklist of Matters that Should be Considered in Making an Abstract...

Checklist of Matters that Should be Considered in Making an Abstract or Opinion of Title

Name: Checklist of Matters that Should be Considered in Making an Abstract or Opinion of Title
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.87 (326 reviews)

Category:

Real Estate - Notices

State:

Multi-State

Control #:

US-1245BG

Format:

Instant download

Description

To meet the requirement to show the nature, source and validity of title to real property, an abstract must contain a full summary of grants, conveyances, wills, or other documents of record relied on as evidence of title.

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FAQ

Abstracts of title and title insurance commitments are fundamentally different in the information they provide and in their uses. A title commitment provides the foundation for the issuance of an indemnity contract, while an abstract provides documents that affect title to property in chronological order.

The good news is that only a few states require abstracts: Oklahoma, Iowa and certain areas within the Dakotas. There is no standard fee. In each case, the cost is determined by how long it takes to compile the abstract.

An abstractor or abstracter of title is a person who prepares and certifies the condensed history (known as an abstract of title) of the ownership of a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property.

Today's abstractors typically research a property by searching county records and by using records already stored in their abstract plantssites managed by title-insurance companies to hold copies of documents. Counties typically store their records by year.

Write your paper. Review the requirements. Consider your audience and publication. Determine the type of abstract. Explain the problem. Explain your methods. Describe your results. Give a conclusion.

Opinions of title are usually issued by attorneys. Title companies use the opinion made by the attorney to issue a document called a title report. This is a legal document that can be used in varying ways, but is most often in the process of purchasing a property, researching ownership, or verifying a lien status.

The abstract of title records that transaction history and provides an official provenance. The abstract of title will also record outstanding liens against the property, back taxes owed, or unresolved building code violations.

The title should be descriptive, direct, accurate, appropriate, interesting, concise, precise, unique, and should not be misleading. The abstract needs to be simple, specific, clear, unbiased, honest, concise, precise, stand-alone, complete, scholarly, (preferably) structured, and should not be misrepresentative.

Why are Oklahoma and Iowa the only two states that still do abstracting? This is simply not true. Every state requires some form of "abstracting" and the final product the "abstract".

Checklist of Matters that Should be Considered in Making an Abstract or Opinion of Title

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