What is an abstract? An "abstract of title" is a summary of the documents that relate to a particular piece of property. The summary gives details of the title deeds, mortgages, easements, and other documents that prove an owner's right to dispose of land and describe any encumbrances that relate to the property.
What should I do with my abstract? Your abstract is an original, living document that can be updated (added to) at any time. We certify every entry in the abstract so that anyone reviewing it can be sure it is accurate and contains all of the information about the property that's available in the public record. Keep it in a safe place just like you would any important document.
If I lost my abstract, or never got one, does it mean I don't own the property? No. An abstract is only a summary of documents; it is not used to transfer the property itself. Think of an abstract as a book that's been written about a specific piece of property, where every chapter is a document that tells you something about the property.
Why is my attorney or lender saying I need an abstract? If you are mortgaging or refinancing your property, your lender wants to make sure that their mortgage won't be jeopardized by another claim. An attorney, whether working for a lender or an individual, can review the abstract to tell you what all of those documents mean and - most importantly - when a title issue (or "title flaw") is found, an attorney will help you fix it and restore your peace of mind.
What if I don't need financing, why would I need an abstract? Sellers can use an abstract to show buyers that they have "good title" to the property they are selling; that they are selling the title to a property without any issues. Likewise, buyers want to make sure they're purchasing good title and won't run into any claims against their property ownership after they've paid for it.
At Gibbens Title Company, we perform every type of abstracting service in Rolette and Cavalier Counties. Our work is fast, efficient, and accurate. We provide:
Updating of Abstracts
Recertification of Abstracts
Assistance in Locating Abstracts