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    What is a title abstract?  Kiritsis Law Group 212 922 0005

    By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

    A title abstract is generally a quick summary of the transactions involving a property, which may be indicative of a title’s quality. It is usually prepared by a title examiner making notes after an examination of the land records. A title abstract should not be confused with a title opinion. A title abstract is merely a summary of the public record documents of the property; however, a title opinion gives the professional judgement regarding the chain of title and the vesting of the title. The practical application of a title abstract, is that it provides the parties (and their lawyers) a snapshot upon which to make a quick assessment on whether there are potential title issues. Title abstracts are usually prepared by 3rd party title companies (in some jurisdictions – like in Iowa, the title abstracts maybe prepared by a government agency. A title abstract may contain a certification by the abstractor, regarding the completeness and accurateness of thee historical property data concern. It is often referenced in acceleration clauses of many real estate loan documents.

     

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