Property Abstract Services
What is an Abstract?
Why do I need an Abstract? This is a frequently asked question by those involved in the real estate industry and real estate transactions.
An abstract is a full and complete record of all matters filed of public record that affect the title to a particular piece of real property. This includes deeds, mortgages, liens, judgement, tax records, financing statements, assessments, etc. Abstracts, or title searches, are usually conducted when real estate is being conveyed from one party to another.
The purpose here is to determine whether the party transferring the real estate has and can convey a good and marketable title to the property. Generally, if the seller can convey a good title to the buyer, the buyer can convey a good title to a lender as security. Abstracts are also conducted when property is not changing hands, but when a property owner wishes to secure a second mortgage or refinance an existing mortgage. The purpose then is to determine whether the owner can, at that time, give to a lender a good and marketable title for their security interest.
Abstracts are certified for a certain time period, depending on the conditions of the transaction taking place. This could be a search of only the current owner’s history to the property, or as much as a 60-year search history of the property.
The point of this is to make the reader aware of the situation. Monitor the nature and kind of company with which you do business. Taking shortcuts in the area of abstracting is doing you no service. Dealing with a reputable abstractor such as Wallace Abstracting, can conclusively offer you the title protection that is vital to all in the real estate industry.
Contact our office in Conway, SC
at 843-997-6360
today for more information!