ABSTRACT AND EPITOME OF TITLE Meaning and
Definition
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The term "abstract and epitome of title" typically pertains to a document that provides a concise and comprehensive summary of the history and ownership of a property. It is primarily used in real estate transactions or when conducting title searches and due diligence.
An abstract and epitome of title involves the compilation of relevant legal documents, such as deeds, mortgages, liens, judgments, and easements, which trace the chain of ownership of a property over a specified period. This compilation helps to establish an unbroken line of ownership, ensuring that the title is clear and transferable.
The document includes a brief description of the property, along with details of all parties involved in the transactions, including previous and current owners. It may also outline any encumbrances, restrictions, or legal disputes related to the property. The abstract and epitome of title serves as a condensed record of all relevant information, enabling parties to review the history of the property quickly.
The abstract and epitome of title is typically prepared by a title company or an attorney well-versed in real estate law. Its purpose is to assist potential buyers and lenders in evaluating the title's integrity and making informed decisions about the property's purchase or financing. By reviewing the abstract and epitome of title, parties can identify any existing issues or potential risks associated with the property, enabling them to address these concerns before proceeding with the transaction.
