Abstract of Title
- An "abstract" is a summary or statement of the contents within a document.
- An abstract of title is a historical account of all transactions conducted on the title to a specific property or piece of land. This title covers the property from the first sale to the present and is used by the title company to produce a title binder.
AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.
legal document, statement, summary
Related Terms and Acronyms
- Agency Closing — Definition,
- The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.
- Chain of Title — Definition,
- Legal records that trace ownership of a property from the most recent owner to the original owner.
- Conveyance — Definition,
- To move something.
- A document that transfers a property title.
- Examination of Title — Definition,
- A review of public records and title abstracts to determine the chain of ownership of a property.
- Land Title — Definition,
- The legal document conveying title to a property.
- Metes and Bounds — Definition,
- A surveyor's legal description of a parcel of land, defined by measurements and angles.
- Title — Definition,
- Evidence of a person's right to possession ownership of a property.
- Title Insurance — Definition,
- Insurance that covers title defects and ownership challenges on a property.
- Title Search — Definition,
- A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.