Abstractor
An abstractor, or, most commonly known as an abstractor of title, is the individual that determines based on thorough research the condensed history needed for an abstract of title. They are in charge of reviewing the ownership of a property or parcel of real estate through the history of that particular property or parcel of real estate. The abstractor ensures an evaluation of all former owners, from the original grant that entrusted the property or land to someone to all the following conveyances, encumbrances, mortgages, deeds, liens, judgments, or other legal papers that affect the property.
What is an Abstractor in Real Estate?
A real estate abstractor provides accurate, summarized, and complete information about the property’s ownership through the abstract of title. The abstract of title is a concrete proof of ownership that can only be contested through another contradicting abstract of title.
The abstractor definition in real estate is the evaluator of the property’s ownership. Just like some assessors assess the property’s value, the abstractor abstracts or summarize the property’s past ownership. With the analysis of an abstractor, the potential home or land buyer can ensure a valid investment as the abstractor can verify the seller’s right to sell the property and if they are the just owner of the property. An abstractor, also known as land abstractors, abstractors of title, title examiners, title extractors, or title searchers, can spare a homebuyer from a property title fiasco.
What does an Abstractor do?
Dealing with a historic property without an existing abstract of title, an abstractor needs to go through the archives of that property and analyze any transaction, land map, mortgage, inheritance that changed the owner of the house, or legal dispute to verify whether the seller of the property has the right to sell that property. The abstractor often works with a tax assessor and local surveyor to check if the land and property are described correctly in the documents. They also check for existing mortgages or other liens that have to be finalized before the property can be sold.
Popular Real Estate Terms
In any field, from the corner store or long-term rentals, the potential gross income is the expected revenue earned from a sale or the rendering of services. The potential gross income ...
Direct line of descent as from father to son. An example of a lineal hereditament would be passing of the title of real property by virtue of a will to the first-born son. ...
The maximum pre-approved amount that an individual or business can borrow without preparing a new credit request. It is a safety buffer in the event funds are needed for unexpected ...
Also called "Grey Shell, "Bare Shell," and "Artic Shell," a Cold Shell could be described as the more radical version of a Vanilla Shell. So, what does precisely the Cold Shell definition ...
Rental income received from property that exceeds the costs of owning and maintaining the property. ...
Proportionate share of an item to total items in the population. ...
A judgment of a court issued as a final order after hearing all the evidence and material directly related to some matter before its consideration. A final degree considers al the rights to ...
Provision in an agreement in which its renewal is a matter of course at the end of its initial term. ...
An antenuptial agreement is, as the terms composition states, an agreement that happens before the nuptials, or, in other words, the wedding. The antenuptial agreement is more commonly ...
Have a question or comment?
We're here to help.