Why is the Abstract of Title Important to Realtors?
Like you, whether you're buying or selling a home, realtors want the process to be as smooth and stress-free as possible. Therefore, near the end of the buying process, realtors will request an official copy of the Abstract of Title on the property to ensure a clear title and transfer of property rights when the home becomes yours.
An Abstract of Title, by definition, is a written record of the chronological history of the property, including the initial grant deed, who else has owned the property, and how long they owned it. It may also detail any tax liens, child support liens, surveys, litigations, etc., that the property may have against it. For these reasons, you can imagine how much realtors value having an Abstract of Title!
Let's review a few of the reasons why an Abstract of Title is vital to realtors, so you can make sure to obtain your Abstract of Title sooner rather than later:
· Clean Chain. In short, an Abstract of Title can show either a clean chain or issues that could affect the buying/selling process. A clean chain will reveal the seller's claim to sell the property. If clear, the buying and selling team will be able to move on to other tasks of closing, like getting the proper insurance policies. If it's not clear, you'll be able to resolve any issues to get you closer to closing.
· Title Issues. Like we've said, an Abstract of Title will show you any issues with the property before you close on a home. Any liens against the property will show up, and forgeries, illegal deeds, and other criminal acts may appear. It is crucial to check these issues to clear them up before the property is transferred to your name.
· Fees. Let's talk about liens for a second: if there are any liens against the property, you'll need to negotiate who pays for them. It could fall to either the buyer or seller, making or breaking a sale.
· Easements and Boundaries. An Abstract of Title boundary disputes on the property. It may not sound like something that will monetarily affect a sale, but it could affect a buyer's decision to get the property. Suppose your buyer is interested in a property that intends to renovate and extend the house or add a pool to the backyard. The Abstract of Title will tell you the exact boundaries within which you can do that, or if you can. Depending on your buyer's needs, this could also be a huge dealbreaker.
Let Guarantee Abstract help you obtain your Abstract of Title! Since 1931, we've provided the Enid, Oklahoma, area with professional abstracting and title services. In Oklahoma it's just abstracts. Abstracts of title are in title insurance only states. We work with buyers, sellers, lenders, and real estate brokers to ensure you have the best and easiest experience. Visit our website to learn more, or visit our contact page to talk to a professional today!