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ABOUT
ABSTRACTING
An abstract
generally refers to and summarizes all documents and proceedings in
the public record that affect title to the real estate concerned.
The caption sheet or abstracter's certificate describes the various
types of records or information that the abstracter has reviewed --
which generally include deeds, mortgages, leases, easements, restrictions
on use and occumpancy, mineral interests, litigation affecting the
property, judgments against the property and persons having an interest
therein, wills, probate proceedings, taxes and any other type of record
or information affecting the title.
Preparation
of a chain of title by a skilled, responsible abstracter will expedite
a real estate transaction for the benefit of buyer and seller. Working
closely with attorneys, brokers and mortgage lenders, the abstracter
is a dedicated public servant with legal and financial responsibility
for the accuracy of his or her work. The abstracter, and the attorney
providing an opinion of title, have a major role in the avoidance
of loss from land title hazards.
Source:
"The Importance of the
Abstract in Your Community" published by the
American Land Title Assocation
ABOUT TITLE INSURANCE
When
purchasing a home or other real estate, you actually don't receive
the land itself. What you acquire is title to the property
-- which may be limited by rights and claims asserted by others.
Problems
with title can limit your use and enjoyment of real estate, as well
as bring financial loss. Title trouble also can threaten the security
interest your mortgage lender holds in the property
Protection
against hazards of title is available through a unique coverage known
as title insurance. Unlike other kinds of insurance that focus on
possible future events and charge an annual premium, title insurance
is purchased for a one-time payment and is a safeguard against loss
arising from hazards and defects already existing in the title.
Source:
"Why Title Insurance?"
published by the American
Land Title Assocation
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135
Park Place
Watertown, NY 13601
Phone: (315)782-7130
Toll Free: (888)507-4679
Fax: (315)782-7177
info@brownellabstract.com
Canton
Office Phone/Fax: (315)379-9746
MICHAEL
D. YONKOVIG, PRESIDENT
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