Escrow & Title
An 'abstract of title' in North Dakota is:
AAn insurance policy against title defects
BA chronological summary of all recorded documents affecting title to a property✓ Correct
CA government certificate guaranteeing clear title
DA lender's assessment of property value
Explanation
An abstract of title is a condensed history of all recorded documents (deeds, mortgages, liens, judgments) affecting title to a specific parcel. In North Dakota, some rural areas still use abstracts; an attorney then provides a title opinion based on the abstract.
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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.
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.
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.
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