A family contributor is selling a piece of land. They be doing the title search final I heard and when I call today to ask how everything is going they said it was contained by "abstract". I have no conception what this means but didn't want to nouns stupid lol! Does anyone know what this means?
Answers: Do not ever draw from intimidated. Ask questions as you walk through this process. That is smart not stupid!
I have be a Realtor 30 years and I still ask a bunch of questions.
What they usually expect by that is that they are questioning the history of the title and probably getting ready to issue a title insurance policy.
An abstract is close to a property's pedigree - it's the complete, legal history of the property -- you'll seize the property's legal description, mortgages, deeds, transfers, rates documents, names of long-gone owners, who originally surveyed it -- it can be a HUGE document. If there are any unsatisfied liens or judgment, it will be found when the abstract is compiled.
I worked for an abstract company for about 5 years.
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Answers: Do not ever draw from intimidated. Ask questions as you walk through this process. That is smart not stupid!
I have be a Realtor 30 years and I still ask a bunch of questions.
What they usually expect by that is that they are questioning the history of the title and probably getting ready to issue a title insurance policy.
Can you receive a mortgage to be exact longer than 30 years?
An abstract is close to a property's pedigree - it's the complete, legal history of the property -- you'll seize the property's legal description, mortgages, deeds, transfers, rates documents, names of long-gone owners, who originally surveyed it -- it can be a HUGE document. If there are any unsatisfied liens or judgment, it will be found when the abstract is compiled.
I worked for an abstract company for about 5 years.
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