Abstract of Title
The Abstract of Title, used in real estate transactions, is the more common form of abstract. An abstract of title lists all the owners of a piece of land, a house, or a building before it came into possession of the present owner. The abstract also records all deeds, wills, mortgages, and other documents that affect ownership of the property. An abstract describes a chain of transfers from owner to owner and any agreements by former owners that are binding on later owners.
Read more about this topic: Abstract (law)
Famous quotes containing the words abstract and/or title:
“What persuades men and women to mistake each other from time to time for gods or vermin is ideology. One can understand well enough how human beings may struggle and murder for good material reasons—reasons connected, for instance, with their physical survival. It is much harder to grasp how they may come to do so in the name of something as apparently abstract as ideas. Yet ideas are what men and women live by, and will occasionally die for.”
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“I wish not to be given a title or an appointed position. I can and will do more good if I were made a Federal Agent at Large, and I will help best by doing it my way through my communications with people of all ages. First and Foremost I am an entertainer but all I need is the Federal Credentials.”
—Elvis Presley (1935–1977)