Escrow & Title
In South Dakota, an 'abstract of title' is:
AA short summary of the property's physical characteristics
BA condensed chronological history of all recorded documents affecting a property's title✓ Correct
CA government guarantee of clear title
DA form required only for properties over $500,000
Explanation
An abstract of title is a summary of all recorded documents affecting a property's title, including deeds, mortgages, liens, court judgments, and other encumbrances, arranged in chronological order. An attorney reviews the abstract to give a title opinion.
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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).
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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