Abstract of Title – An Iowa Tradition
Also referred to as an Abstract, is the condensed history of the title to a particular parcel of real estate, consisting of a summary of deeds, mortgages, wills, probate records, court litigations, easements, and tax sales – basically any legal document that affects the property – and a certification by the abstractor that the history is complete and accurate.
The abstract should be distinguished for an opinion of title, more commonly referred to as a title opinion. While the abstract states that all the public record documents pertaining to the property are contained therein, the title opinion states the professional judgment of the attorney giving the opinion regarding the vesting of the title and other matters relating to the chain of title.
Whether buying or selling, the abstract and title opinion are the foundation for the real estate transaction.