Escrow & Title
A 'title abstract' is:
AA summary of the title insurance policy terms
BA chronological summary of all recorded documents affecting a property's title, used to trace ownership history✓ Correct
CA lender's requirement for a minimum down payment
DThe escrow company's closing instructions
Explanation
A title abstract is a historical summary of all recorded documents (deeds, mortgages, liens, easements, etc.) affecting a property's title. An attorney then reviews the abstract to render a title opinion. Abstract-based title systems have largely been replaced by title insurance in most Oregon transactions.
Related Oregon Escrow & Title Questions
- In Oregon, a 'deed of trust' involves which three parties?
- When a buyer purchases real property in Oregon using a trust deed as security, the 'reconveyance deed' is recorded when:
- In Oregon, which of the following would be EXCLUDED from coverage under a standard owner's title insurance policy?
- A preliminary title report (title commitment) issued in Oregon shows a 'Schedule B' exception for an easement. This means:
- What is the 'good funds' law in Oregon and how does it affect closing?
- What is a 'deed of reconveyance' in Oregon's deed of trust system?
- In an Oregon transaction, a buyer discovers two days before closing that a lien appeared against the property after the preliminary title report was issued. What should happen?
- A 'lis pendens' recorded in the public record indicates:
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