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:
“A work of art is an abstract or epitome of the world. It is the result or expression of nature, in miniature. For, although the works of nature are innumerable and all different, the result or the expression of them all is similar and single.”
—Ralph Waldo Emerson (1803–1882)
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—Ralph Waldo Emerson (1803–1882)