When purchasing a home, the last things you want to worry about are problems that may hold up closing. The deal being withdrawn altogether? Even worse, right? That’s why good abstracting is critical for smoother settlements.
The Job
An abstractor is responsible for verifying the title of a property. Their duties include identifying the requested lot or parcel and compiling the information into a report for all relative parties involved in a real estate transaction. The responsibilities are clearly defined, and the work is perfect for people who enjoy analyzing and digging through information to depict a property’s status.
Behind the Scenes
The abstracting work begins on the backend as soon as a seller accepts a purchase offer. That’s typically 30 to 60 days before closing. To ensure a smooth process, abstracting services devote their resources to make sure everything necessary to close on the loan or sale happens to prevent delay. From the smallest parcel of land to the largest real estate portfolios, abstracting services are valuable to the process and must always be precise.
The Search
An extensive record search begins by accessing public records. This is to ensure no liens are attached to the property you purchase. Some examples that may arise are mortgages, tax liens, circuit court liens, estate matters and utility easements. It is common for issues to pop up that the seller didn’t even know existed. There are also instances where these have accidentally been attached to the wrong property. A good abstractor works to uncover and clear these issues before closing. Sometimes, without buyers knowing there was ever an issue.
Having a local, trusted source for your full-service abstracting and recording needs matters. For over 60 years, Real Estate Title Services has been a trusted source for commercial, industrial, and residential work. Contact us today and let us know how we can serve you.
