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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Abstract of Title


Synonyms:legal document, statement, summary
Acronyms &
abbreviations:
ab
Notes:AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.
Filed Under: abbreviation, legal-contracts, mortgages, real-estate
Tags: classifieds, contract, legal, mortgage, property listing, realty
 

Definition of abstract of title (ab)

abstract of title (ab)
1. An "abstract" is a summary or statement of the contents within a document.
2. An abstract of title is a historical account of all transactions conducted on the title to a specific property or piece of land. This title covers the property from the first sale to the present and is used by the title company to produce a title binder.

Related Terms and Acronyms:

  • agency closing   The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.
  • chain of title   Legal records that trace ownership of a property from the most recent owner to the original owner.
  • conveyance   To move something.
  • examination of title   A review of public records and title abstracts to determine the chain of ownership of a property.
  • land title   The legal document conveying title to a property.
  • metes and bounds   A surveyor's legal description of a parcel of land, defined by measurements and angles.
  • title   Evidence of a person's right to possession ownership of a property.
  • title insurance   Insurance that covers title defects and ownership challenges on a property.
  • title search   A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.

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