Escrow & Title
In Hawaii, what is an 'abstract company'?
AA. A company that creates abstract art for model homes
BB. A company that searches public records and prepares a summary (abstract) of all documents affecting title✓ Correct
CC. A company that provides title insurance only
DD. A company that specializes in Land Court title matters
Explanation
An abstract company searches public records and prepares an abstract of title—a chronological summary of all recorded documents affecting the property's title history.
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Key Terms to Know
Abstract of Title
A condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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