The Incredibly Detailed World of Abstracting

The purchase of a piece of property is an extensive process that involves a multitude of professionals, property inspections, a survey, appraisal, and often a title abstract. This comprehensive, detailed report is usually performed by the title company, and is one of the many documents required to close the sale of a property and transfer title to the new owner. The title abstract is undeniably the authority on information about a property's title.  

What Exactly is a Title Abstract? 

An abstract is more than just information about the concept of title; it's more than just information detailing the history of the physical transition of ownership of the property. It is an all-encompassing report that summarizes a property's complete history, from transitions of title and ownership to all legal activity related to the property. It will include any and all claims against the property in its history dating, at times, all the way back to the property's sovereignty.

What Information is Included in an Abstract? 

Generating a thorough abstract of title requires a comprehensive search of all available recorded data on a piece of property. A proper abstract leaves no stone unturned and digs deep into the history of a property.

• Original Land Information: records that document the original transfer of public lands from the federal or state government to private ownership.
• History of Property: details how the property was developed and how it has changed through the years.It often explains why things were built as they were. If the property has changed hands with unusual frequency, understanding a property's history can help explain why.
• Plat Map: assures the buyer is purchasing exactly what they think they are buying.It is a detail of how a tract of land is distributed into lots.
• Lot and Block Diagram: Identifies the individual lot and the block on which the lot is located.
• Subdivision Restrictions: refers to restrictions often placed on property deeds by the builders or developers to ensure that the neighborhood or development adheres to and maintains a certain aesthetic or uniformity.These restrictions can include limitations on how the property can be used, rights of way, easements, ordinances and regulations affecting property use and occupancy.
• Recorded Deed: will show the chain of title, beginning with the most recent recorded owner and moving backward to show how ownership has changed through the years.
• Recorded Mortgage: public documentation of the legally binding financial agreement between a bank or creditor and a debtor for the loan issued for the purchase of the property.
• Legal Actions and Suits Filed: details all legal activity, liens filed against the property, such as tax liens, mortgage liens, mechanics liens, judgements against the property that could transfer to a buyer if not revealed prior to purchase.Also, if there are any unresolved liens or violations from the home-owner's association or property owner's association, this will be exposed. 

Why Do You Need an Abstract of Title? 

Having an abstract of title verifies a property's marketability, and the more information that you have about a piece of property, the more leverage you will have at the negotiator's table. Not only will having a thorough abstract of title help a buyer make the most informed decisions when purchasing a property, but this detailed information will help to protect the buyer from future liabilities and keep them from unknowingly purchasing a property that has liens or legal judgments against it, as these will transfer with the new ownership. 

Hollerbach & Associates Is Ready To Assist You 

With over 35 years of experience in the title research, abstract and settlement service industry, you can bet that Hollerbach & Associates knows their way around the 254 counties in Texas and beyond. We deliver the most accurate and detailed title searches in the business.We mean it when we say that "We know Texas Better" because the proof is in the pudding! Contact us to find out how we can help you with your title needs, big and small.