When one purchases real property, it is paramount that the seller has a legal right to sell the property, that no other person or entity has a legal right to the property and that the boundaries of the property to be sold are mutually agreeable to the parties to the transaction. An abstractor researches the property and reports on his/her findings to all parties to the transaction.
A title abstractor is another name for a title examiner.
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Topics
Research
As stated above, an abstractor will research a parcel of property that one party wants to sell to another. The research will involve searching the chain of title going back in time to make sure the current seller has the legal right to sell the property and that there are no other people or entities that have an interest in the property. This search will also entail comparing legal descriptions to make sure the property being sold has the correct description.
An abstractor will research whether there are any encumbrances against the property. They look for judgments, conditions, restrictions, mortgages or trust deeds, and any other liens against the property. They also look for any easements affecting the property.
An abstractor may also work with a local surveyor and tax assessor to verify that the parcel of real property described in the documents is correct.
Knowledge
Abstractors need to pay attention to detail, have strong organizational skills, the ability to explain their findings and a basic understanding of real estate law. They may be called upon to explain their findings to realtors, lenders, buyers, sellers, contractors and attorneys. They may also need to work with surveyors and other parties to assist in resolving disputes.
Reports
Abstractors prepare a title report that includes the current vesting, the property's legal description, any liens or judgments and any other issues of concern.
Certified Abstractors
Certified abstractors are title examiners who have received licensure by the National Association of Land Title Examiners and Abstractors (NALTEA). In most states, a license is not required.
