You’re really excited because you’ve found your new home. It has the right number of bedrooms you wanted, the backyard will be great for the kids and the dog, and it’s located where you had hoped to find a home. While going through the process of purchasing the home, you notice that an abstract has been requested on the home.
What is an abstract? Why do you need one? And does it matter who is doing the report? Traditional Abstract, LLC, is your complete abstract company, and they will be thorough in their search on your property.
What Is an Abstract?
An abstract is not something that you typically talk about in normal conversation. It may be a foreign concept for you, but you definitely need to have an abstract report done on that property before you purchase it. An abstract report is a written history of all of the recorded documents and proceedings that are related to the property in question. These reports can include liens that might still be on the property (whether known or not), any claims that have been filed on the property that are still open, surveys and any issue related to survey results for your property, and generally any reports that have been filed at the county courthouse related to the property.
Why Do You Need One?
As you might imagine, without having an abstract report being done on the property, you could get enmeshed in issues that you never dreamed you would be involved in. A previous owner might still owe taxes, and in order to be sure that they get paid, the governmental entity has put a lien on the property, meaning that they need to get paid or you won’t keep the house. Other liens can also be a problem, but tax liens typically take top billing.
You also want to know if there are any restrictions on what you can or cannot do with your home. These restrictions would be on file, and it might change what you think of the property if there are specific restrictions on the property. You will also want to know if there are any easements with the property, such as for water or electrical lines.
Abstract reports are important so that you aren’t surprised later on with things that could have easily been handled had the report been done. Let Traditional Abstract, LLC, use their experience, and run your abstract report.