Abstractor
Definition of "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
Civil rights acts passed by the U.S. Congress includes those of 1866, 1870, 1871, 1875, 1964, and 1968. The first two acts gave blacks the rights to be treated as citizens in legal actions, ...
Notice sent from a plaintiff to a defendant requiring the defendant to appear before a court or judge. For example, a landlord might send a summons to a tenant regarding a notice of ...
Goods that are freely substitutable. It is goods of a given class or type, any unit of which is as acceptable as another, and capable of satisfying an obligation expressed in terms of the ...
Fee charged by a mortgage lender to a buyer, seller or both for transferring a mortgage when the mortgage property is sold. ...
Document, such as a deed, which demonstrates property ownership. ...
Pit or cavity built into the basement of a building to avoid or minimize flooding. It allows for the drainage of excess water and moisture. ...
Condensed appraisal report covering the major items. ...
Style of architecture originating at the German Bauhaus, or architectural institute, in the 1920's associated with the International School of architecture. The Bauhaus style emphasized ...
The definition of inverse condemnation is a suit or legal action taken against the government by a land or property owner when property rights have been compromised or usurped by a ...
Have a question or comment?
We're here to help.