Escrow & Title
The 'abstract of title' in New York is:
AThe title insurance policy itself
BA condensed history of all recorded instruments and proceedings affecting the title to a specific property✓ Correct
CThe deed transferring title at closing
DThe mortgage commitment letter from the lender
Explanation
An abstract of title is a condensed chronological summary of all recorded documents and legal proceedings affecting the title to a specific parcel of land, used by attorneys and title companies to examine the chain of title.
Related New York Escrow & Title Questions
- In New York, earnest money deposited by a buyer is typically held in escrow by:
- In New York, a 'certificate of title' differs from a title insurance policy in that a certificate of title:
- Which type of New York deed is most commonly used to convey a property where the grantor does not want to warrant title (e.g., in foreclosure or estate sales)?
- An IOLA (Interest on Lawyer Accounts) account is used in New York to:
- In New York, a 'title commitment' (or title binder) is a promise by the title company to:
- A ALTA (American Land Title Association) survey in New York provides:
- In New York, a 'condominium rider' to a title insurance policy provides coverage for:
- In New York, 'marketable title' means title that is:
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