GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Abstract of Title

Synonyms:	legal document, statement, summary
Acronyms & abbreviations:	ab
Notes:	AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.
Filed Under:	abbreviation, legal-contracts, mortgages, real-estate
Tags:	classifieds, contract, legal, mortgage, property listing, realty

abstract of title (ab): 1. An "abstract" is a summary or statement of the contents within a document.; 2. 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.

agency closing The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.
chain of title Legal records that trace ownership of a property from the most recent owner to the original owner.
conveyance To move something.
examination of title A review of public records and title abstracts to determine the chain of ownership of a property.
land title The legal document conveying title to a property.
metes and bounds A surveyor's legal description of a parcel of land, defined by measurements and angles.
title Evidence of a person's right to possession ownership of a property.
title insurance Insurance that covers title defects and ownership challenges on a property.
title search 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.