What is an Abstract?
A condensed history, taken from public records or documents, of the ownership of a piece of land. (West's Encyclopedia of American Law, 2005)
How does an Abstract differ from a Registered Property Abstract?
A Registered Property Abstract is for Torrens Property aka Registered Property.
Who pays for the Abstract?
Whomever requests the work to be completed, or if in conjunction with a sale/purchase whomever is directed to pay in the Purchase Agreement.
Can an Abstract be updated at any time? Yes.
Must an Abstract be updated each time the property is sold?
No. If agreed upon the parties can request a Title Commitment be provided in lieu of an Abstract.
How long does it take to create a New Abstract/update an Abstract?
A new Abstract can take six-eight weeks to create and to update it depends on the end date of the existing Abstract.
For any further questions please feel free to contact us.
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