What is a title abstract?

A title abstract is defined as a summary or compilation of the history of ownership and transfers of title for a specific property, presented in chronological order. This document includes records that outline all relevant transactions such as sales, mortgages, liens, and other encumbrances associated with the property. The purpose of a title abstract is to provide a clear and concise overview of the title's lineage, which can be critical in evaluating the property for various legal and financial considerations.

Understanding this concept is essential for anyone involved in real estate transactions, as it helps to verify the legitimacy of the title, ensure that the seller has the right to convey ownership, and identify any issues that may arise from prior ownership—important factors in determining the marketability of the property.