Abstracts of title are written histories of the recorded documents and proceedings of a property. When a property is sold, a title company or attorney will go through property records and prepare a written history. Abstracts Of Title are generally prepared for oil companies. If you are purchasing a home and obtaining title insurance, it is usually unnecessary for you to purchase an abstract. There are several important differences between abstracts of title and title insurance.
If you are unsure which you need, continue reading to learn more about these important documents in real estate. The person, or company, purchasing a property should know about any liens or title issues. Any unknown claims, like an ex-spouse claiming partial ownership, could cause future problems. The abstract will show everything noted in property records about the property being sold. Loan documents for closing: We also coordinate with the mortgage lender to receive the loan documents for closing.
Once received in our office, we review all forms and comply with the lender requirements for closing. This settlement statement is one of the most important documents to sign because it details all of the costs associated with the purchase and sale of the property.
We also prepare the deed and other documents necessary to comply with state and federal laws. Closing: At closing, all documents are explained to all parties prior to signing.
Settlement lasts approximately one hour. After closing, we disburse all the monies collected at settlement and pay vendors such as the termite company and surveyor. This action may include paying the lien, taking legal action to correct title to the property or doing both. Joe Stone is a freelance writer in California who has been writing professionally since COM, SFgate. He also has experience in background investigations and spent almost two decades in legal practice.
What Does a Title Company Do? By Joe Stone. Mortgage File Audit Procedures. An abstract of title, or title abstract, briefly summarizes the various activities affecting ownership of a parcel of land. When a person or business agrees to purchase real estate, that person or business arranges for an examination of the history of the property's title. This examination is known as a title search. A title search is conducted to determine that the seller of the property in fact owns the property and has a free-and-clear title.
A free-and-clear title has no clouds on it, which means that no person or business other than the seller has an interest in, or claim to, the property. Licensees must pass a test administered by the OAB, and are required to be under the supervision of a holder of a Certificate of Authority.
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