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
Derogative term describing a high-pressure telemarketing office where sales personnel often use extremely exaggerated claims as well as intense sales practices to convince targets clients ...
Unfortunately, we encounter false advertising daily. False advertising refers to deceptive or misleading ads and commercials that fail to showcase a product’s or service’s ...
Type of ownership by husband and wife, recognized in 27 states, in which the rights of the deceased spouse pass to the survivor. It is the same as joint tenancy, except that one spouse ...
Platform erected on a roof in some New England homes having a view of the sea. It was said widows of lost seaman would walk on the platform looking out at sea for their husbands to return ...
One who has committed a tort. A tort is a civil wrong that occurs as a result of a breach of legal duty owed to someone, e.g., negligence. A tort does not arise from a breach of contract. ...
A purchase of real property made on account. Loan extended to business or individuals to buy real estate. In taxation, a dollar-for-dollar reduction in taxes. An example of a tax ...
The tenant is forced to leave the premises if he complains about the poor condition of the apartment or office space he has leased. This type of eviction is illegal in many states. ...
Descriptive of the architectural development of property in a certain area. For example, a housing subdivision may use very similar building architecture throughout the development. All the ...
Balcony or low ceiling overhang just above the main floor and between the next story. In a theater, a mezzanine is the first balcony above the stage. ...
Have a question or comment?
We're here to help.