This post was last updated on July 12th, 2021 at 08:24 pm
An Abstract of Title is important if you want to sell a house! Often it’s just referred to as an Abstract or a Title Abstract. You may have it if you own an older house. If your house is newer you probably don’t have it.
What Is An Abstract of Title?
The Abstract of Title is a collection of all the documents related to a house. Typically they are bound at the top. Usually they have a thicker front and rear cover to protect the documents.
Inside the Abstract is a copy of all of the deeds, mortgages, liens, releases and court documents related to a specific piece of property. Think of it as a complete set of documents related to ownership of a house.
What Does An Abstract Do?
The purpose of an Abstract is to keep all of the documents related to a property in one place. Once a Purchase Agreement has been signed by a buyer and seller the Title Company will have the Abstract updated and certified.
The Abstract needs to have all of the documents related to the house. When the Abstract is updated any documents that are missing are added. This makes sure that anything that’s happened recently is accounted for.
Once the Abstract is updated it can be certified. When an Abstract gets certified it is a complete history of the property through that date. Now the Abstract can now be used to complete a Title Exam.
What Kinds Of Documents Are In An Abstract?
An Abstract will contain any recorded documents related to a piece of property. The most common documents you will find in an Abstract are:
- Deeds: The Abstract should contain any Deeds that have been used to transfer ownership of the property. Since Deeds are recorded they are added to the Abstract. This means that there should be a complete set of Deeds showing all of the property’s ownership transfers.
- Mortgages: Any Mortgages that have ever been taken out against the property. When a Mortgage is created it’s filed and becomes part of the history for that piece of property. Since Mortgages are included in the Abstract it makes it difficult to sell a property without paying off the Mortgage.
- Releases: A Release is filed when a Mortgage, a Lien or a Judgment is released. The Release will become part of the Abstract. This let’s the Title Attorney know that those items are no longer encumbering the property.
- Court Documents: There are numerous court documents which may be found in an Abstract. Court Documents related to Probates, Divorce, Quiet Title, Judgments and other court proceedings will be included in an Abstract. This makes it easy to understand how court proceedings may effect of property.
- Other Documents: Any document that is related to a piece of property may be included in the Abstract. You will find Treaties, Surveys and other historical documents. This helps make sure that the Abstract contains a complete history of the property.
What Happens After An Abstract Is Updated?
After being updated the Abstract then goes to a Title Attorney. Now The Title Attorney knows that the Abstract has each and every document related to the property.
Now the Title Attorney can go through the Abstract and make sure everything was done correctly. One document at a time. They check to be sure each transfer was correctly executed. Each lien properly released. This is called a Title Exam. The Abstract provides all of the documents needed for the Title Exam.
This is why an Abstract is one of the most important parts of selling a house. Without an Abstract of Title it would be impossible for a Title Attorney to perform a Title Exam.
Without a Title Exam it would be difficult to determine who owns a property. It would also be hard to find out if a house has title issues. Abstracts are what make buying and selling houses fast and safe.
Next time you buy or sell a house be sure and ask your Title Company if you can see your Abstract. It’s worth taking a few minutes to look through. You’ll really appreciate all the hard work the Title Attorneys do afterward!
Want To Sell Your House Fast?
If you want to sell your house fast the Abstract will play an important role. We buy houses in Oklahoma and we are usually able to close quickly. Our team works closely with the Title Company to be sure your file is put at the front of the line. We pay cash so there are never any inspections and you never need to make repairs.
If you’re considering selling your house we’d like to make you a cash offer. You can give us a call at 181-Close-Now or you can simply fill out the form below. Your privacy is always protected and there is no obligation.
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When you sell your house to 181-Close-Now you are working with the most experienced home buying team in Oklahoma. We’ve been featured on NBC News, Fox, The CW, ABC News and many more! Our team has the experience to make selling your house fast for cash as-is easy and stress free!
Get In Touch
Even if you aren’t ready to sell your house you can still get in touch. Questions or concerns? Our team is here to help! You can use our Contact Us page, call us at 1(812)567-3669 or email Support@181closenow.com Or just send us a quick message: