A title summary provides information on the history of legal title to real estate to demonstrate that the title is clear. It covers the property’s ownership, transactions, claims, liens, easements, and rights transferred or sold. It differs from a title opinion and can be used for historical research. If there are problems with the title, title insurance may not be issued until they are resolved.
A title summary is a document that provides information about the history of legal title to real estate, with the goal of demonstrating that the title is clear. Before title insurance is issued, a title summary is usually prepared, and the summaries may be used in other settings as well. They can also be useful for historical research, as they can provide important information about the history of a piece of land or structure.
In some cases, the summary of title can provide the history of the property’s first recorded ownership, such as when the government awarded land to a settler. In other cases, it covers a period such as 40 years or 60 years, showing the transactions surrounding the property that occurred during this period to provide information on whether or not title is clear.
The title summary shows when the property changed hands, if there are any claims or liens on the title that could cloud the title, and what types of easements may restrict the use of the land. In addition, it indicates which rights have been transferred or sold. For example, timber or mineral rights may not automatically be granted with title. Essentially, it provides comprehensive information about where the property is located so that people can determine if there may be title issues.
The details in the title abstract discuss any events of historical interest and provide references to legal documents that will support the claims made in the abstract. This differs from a title opinion, in which an attorney examines the legal documentation on the property and renders a legal opinion on the clarity of the title and who currently has the rights. The document acts as a condensed story with references that people can use to verify the facts for themselves.
If a title summary suggests there may be problems with the title, the insurance company may choose not to issue title insurance until these problems are resolved. It is important for individuals to ensure that records related to the settlement of liens and claims against the property are kept in good standing, as they may need to prove that something has been resolved. It is also important to confirm that the records held by government agencies and title companies that pertain to a title are accurate and do not conflict.
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