An abstract of title is the summary, providing all information and other details about the title deed and accompanying documents, ensuring proof of the right of the owner to dispose off any property/land, along with any related encumbrances.
The abstract of title is a documentation/record of the history/title of any property and any other major asset, including encumbrances, legal steps, liens, transfers, and others. This document is vital for buyers/investors in any property, working as a summary of the status of the property title, ensuring that they get clear titles and also validate the authenticity of the property in question.
An abstract of title in real estate is a crucial concept. Whenever there is a sale of any asset like property, the title gets legally transferred to the property buyer. The abstract of title will document the history of the transaction, while offering more information on its validity. The document will also record the outstanding legal dues, encumbrances, liens, and other tax issues attached to the property. This document functions as the entire historical and chronological record for the property, covering all its transfers, titles, and legal claims, along with changes in ownership, encroachments, litigations, and more. Buyers should obtain the same before finalizing any property transaction
