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
A ground lease that includes only the cost of leasing the land for a period of years. Normally, a land lease is valid for an extended period of time anticipating that improvements will be ...
The meaning of commercial acre in the United States defines the remaining part of an acre of a newly divided land once curbs, streets, and boardwalks have been separated from the original ...
Projecting structure or part of a building. For example, a home was built with balconies jutting out from the sides of the building or a large rock formation constructed out into the ocean ...
Subdivided acreage with utilities usually situated within or adjacent to established communities. ...
An additional fee imposed by lenders on home mortgages payable in cash at the time of the closing. ...
Multiple Listing is the kind of Listing that is registered by a broker or a real estate agent at the Multiple Listing System (MLS). If a house is directly sold by an owner – the ...
A life estate right of a widow on the demise of her husband, if he dies intestate, to all his lands and possessions for her and her children's support. If she dissents from his will, the ...
A fiduciary intermingling a clients funds or one who is entrusted with funds and groups them with those of his own. This practice is considered a breach of a fiduciary relationship and a ...
Date of the valuation of property, usually contained in a report. ...
Have a question or comment?
We're here to help.