Introduction
Abstract of title is an archive of all titles, legal actions, and transfers that happened in connection with a given property.
Understanding Abstract of Title
Abstract of title is an overview of the past legal documentation concerning a property. It typically includes legal claims over the property, transfers, and titles of a property.
Generally, the abstract of title of a given property will comprise of the initial grant deed, all succeeding ownership changes, additional claims, encroachments, encumbrances, easements, litigations, liens, tax sales, and restrictions. The abstract of title sale is very important for investors as it shows the summary of the status of the title.
The prospective buyers of a given property must always ask for a copy of the abstract of title before they proceed further. Obtaining this document will help them in staying away from legal contentions arising after the property is purchased.
On the other hand, the property owners should ensure that they retain the abstract of title safely as getting a duplicate copy can be tedious and expensive. It is for this reason that some property owners store this document in a safe deposit box to keep the risk of theft and damage away.
How to Get Abstract of Title?
Property owners not having their abstract of title can get in touch with any of the title companies or the nation’s record keeper with jurisdiction over a given property to get a copy of the abstract of title or to create an abstract of title.
All property transactions are reported to the nation’s record keeper, and these agencies are crucial to record and research the history of titles. Apart from the abstract of title, the prospective buyers should look at other documents, such as encumbrance certificate, khata certificate, khata extract, latest tax paid receipts, sale deed, and mother deed to ensure that the property being proposed for sale is not under any kind of litigation.
