Property Ownership
What is an 'abstract of title' in Illinois real estate?
AA brief summary of a property's physical features
BA condensed history of all recorded instruments and proceedings affecting a parcel of land✓ Correct
CA lender's summary of the loan terms
DA property inspection report
Explanation
An abstract of title is a chronological summary of all recorded documents (deeds, mortgages, liens, court judgments, easements) affecting a particular parcel of land. An attorney examines the abstract to give a title opinion.
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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.
Math Concepts
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