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Abstract of Title and the Buy-Sell Real Estate Process in Florida.
If you're in the process of buying or selling a property, you may have come across the term "abstract of title." But what is an abstract of title? In short, it's a summary of all the recorded documents pertaining to a piece of real estate. In this blog post, we'll explain what an abstract of title is, how it's prepared, and why you need one.
What Is an Abstract of Title? How does the Abstract of file affect your real estate transactions in Florida?
An abstract of title is a summary of all the recorded documents pertaining to a piece of real estate. This includes deeds, mortgages, liens, and any other documents that might affect the ownership of the property. An abstract of title doesn't include opinion or legal advice—it's simply a factual summary of the recorded documents.
How Is an Abstract of Title Prepared?
An abstractor will research the public records to compile a list of all the relevant documents. Once all the documents have been gathered, they will be summarized in chronological order. The summary will list the date of each document, the parties involved, and a description of each document.
Why Do I Need an Abstract of Title?
If you're buying or selling a property, you'll need to obtain an abstract of title so that you can see if there are any encumbrances on the property. An encumbrance is anything that could affect your ownership rights to the property—for example, unpaid taxes or outstanding liens. Once you have an abstract of title, you can work with your attorney to remove any encumbrances before closing on the property.
The Abstract of Title and your real estate transaction in Florida.
An abstract of title is a summary of all the recorded documents pertaining to a piece of real estate. An abstractor will research public records to compile a list of all relevant documents, which will be summarized in chronological order. The summary will list the date of each document, the parties involved, and a description of each document. An abstract of title is important because it allows you to see if there are any encumbrances on the property—for example, unpaid taxes or outstanding liens—so that you can address them before closing on the sale.
If you have any other questions about real estate and title companies, contact our team!
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