Closings glossary
Abstract of title
A summarized history of a property's recorded ownership and encumbrances, compiled from the public record. It is the raw material a title examiner reads before any policy is written.
What is an abstract of title?
Quick Answer
The full definition
A summarized history of a property's recorded ownership and encumbrances, compiled from the public record. It is the raw material a title examiner reads before any policy is written.
Which related terms should you know?
These are the terms that come up alongside abstract of title in the same file.
- Chain of title
- The sequence of recorded conveyances of a property, from an earlier known owner to the present one. Gaps and defective links in the chain are what a title search is designed to find.
- Title search
- The records examination behind a title report, covering the chain of title, encumbrances and court filings against the owners. It precedes the commitment.
- Recording
- Filing an instrument with the register or county clerk so it becomes part of the public record. Recording establishes priority against later purchasers and lenders.
- Deed
- The instrument that conveys real property. Signature, acknowledgment and delivery make it effective between the parties, while recording is what protects it against later purchasers.
- Encumbrance
- Any interest in the property held by someone other than the owner, whether monetary such as a mortgage or lien, or non-monetary such as an easement or a covenant.
Where does abstract of title come up in a New York City closing?
A Suffolk County house sale is usually closed off a continuation of the seller's existing abstract, while a Brooklyn condo sale is closed off a title report instead.
What else should you read before closing?
Questions this raises
- How long does a title search take?Three to five business days for a clean NYC house or condo, longer for co-ops, estates and multi-parcel files. What slows a New York title search d...
- What is the difference between a title search and a title commitment?The search is raw discovery. The commitment is the insurer's offer, split into Schedule A, B-I requirements and B-II exceptions. How to read both i...
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