Escrow & Title
An abstract of title in West Virginia is best described as:
AA title insurance policy
BA condensed history of all recorded documents affecting a parcel✓ Correct
CA current survey of the property boundaries
DA lender's appraisal of property value
Explanation
An abstract of title is a condensed chronological history of all recorded instruments and encumbrances affecting a parcel of real property. An attorney reviews the abstract and renders a title opinion based on the records.
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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.
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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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