What exactly are "abstract services" as in "title and abstract"?
Answer:
Review of title history for the property. Abstracts are generally a synopsis page that lists liens and other basic info. A title search/report will provide more detail.
Keep in mind that title companies provide this service, but that ANYONE can do it because it is public information, available at the local courthouse or property records offices. A helpful clerk can show you the ropes (might have to buy lunch).
Abstract services by a Title Company is the research necessary to be conducted for the purpose of determining the ownership conditions of a property title. There are two types of general abstract services: A chain of title search showing from present to when the current owner acquired the title and an abstract of title showing all owners of title from when the government patented the land to the current owner. Other types of abstract services include, taxes, liens and encumbrances both on the property and the parties involved in the transactions. You can order these services for a fee for your personal use or for an attorney working on corrective measures in a title or as part of the process to acquire title insurance on a purchase or on a property you own.
It is a fee you pay to have a title search done. That will make sure you don't have problems after you have bought a house. ie; someone has a lien on the propery, or an encroachment.That someone else doesn't already own it from way back.
That is probably the most important part of a closing. If there is another interest in the property you could never sell it.
Abstract is so they can charge more money.
The abstract is the rundown generated from the searches.
It's basically a history of the title and a statement of anything that could affect said title (liens, etc).
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