Escrow & Title
Iowa's continuation (update) of an abstract is necessary when:
AA new property is first purchased
BAn abstract is brought up-to-date by adding recently recorded instruments affecting title since the abstract's last search date✓ Correct
CThe property is rezoned
DThe property taxes are paid
Explanation
An abstract of title must be continued (updated) before each real estate transaction to incorporate any new deeds, mortgages, liens, judgments, or other instruments recorded since the previous title examination. The updated abstract is then re-examined by an attorney.
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- In Iowa, the party who traditionally pays for the abstract continuation and attorney's title opinion is:Escrow & Title
- In Iowa, the abstract of title is updated (continued) whenever:Escrow & Title
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- An Iowa abstract shows a gap in the chain of title from 1952 to 1965 with no recorded deed. This is called a:Escrow & Title
- In Iowa, when a property is sold and the deed is delivered but not yet recorded, the transfer of title is:Property Ownership
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
EasementA non-possessory right to use another person's land for a specific purpose.
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