The title industry has its own language. Many of its words and idioms are derived from the language of the law while others are common words given special meaning related to land titles. There are also words and phrases coined over the years by the title industry itself.
ABSTRACT OF TITLE
(1) Generally, the act of the maker or makers of a real estate instrument in going before a Notary Public or other judicial officer and acknowledging that they signed such instrument without fear or compulsion, and for the purposes expressed in such instrument. The laws making provision for acknowledgments incident to real estate papers were enacted to help prevent forgeries or undue advantage taken over the makers of such instruments. Forms and procedures incident to acknowledgments vary from state to state, some being considered probate procedures in which the probity or authenticity of the instrument is proven.
(2) Generally, a form of certificate made by a notary public or judicial officer, appended to deeds, mortgages, leases and other real estate instruments, certifying that the maker or makers of such instruments appeared before the notary or judicial officer and acknowledged that they signed the instrument without compulsion or fear and for the purposes indicated in the instrument.
News Digest - August 14, 2023
Construction, Fannie Mae, Housing Prices, Real Estate Market, Refinance