Escrow & Title
In Iowa, the abstract of title is typically prepared by:
AThe county recorder
BA licensed abstracter✓ Correct
CThe Iowa Real Estate Commission
DThe closing attorney
Explanation
Abstracts of title in Iowa are prepared by licensed abstracters who search and compile all recorded instruments affecting a property's title. The abstract is then reviewed by an attorney who issues an opinion of title.
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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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
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