Escrow & Title
An abstract of title in Illinois is:
AA form of title insurance
BA complete history of all recorded documents affecting a property's title✓ Correct
CA summary description of the property's physical features
DA government record showing all properties in a county
Explanation
An abstract of title is a condensed history of all recorded instruments and proceedings that affect title to a specific parcel of real estate. It is used in some parts of Illinois as the basis for a title opinion by an attorney. It is different from title insurance, which insures against defects rather than merely disclosing them.
Related Illinois Escrow & Title Questions
- What is a 'special warranty deed' and how does it differ from a general warranty deed in Illinois?
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