Abstracters in Idaho
From WFG Wiki
Revision as of 09:23, 19 October 2018 by Melisathompson (talk | contribs)
Contents
Overview
- 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 abstracter researches the property and reports on his/her findings to all parties to the transaction.
- A title abstracter is another name for a title examiner.
Sources
Topics
Research
- As stated above, an abstracter 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 abstracter 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 abstracter 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
- Abstracters 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
- Abstracters 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 Abstracters
- In Idaho, if one is to act as an independent abstracter, a bond of $10,000 is required. Once the bond is paid, a Certificate is issued. The bond and certificate are valid for five (5) years. Id. Code 54-101, et. seq.
- Title examiners also have the option to obtain licensure by the National Association of Land Title Examiners and Abstractors (NALTEA).
