Whether buying a new home or a plot of land, a thorough property title search is a vital step in the buying process. One of the most effective methods is property abstracting. Unlike a standard title report, the thoroughness of an abstract leaves no question regarding the state of a deed. Take a closer look at this technique and what it entails, below.

Your Guide to Property Abstracting

What Is It?

A property abstract is an incredibly detailed report that outlines every aspect of a land's past ownership. The goal of abstracting is to ensure the validity of the title. The process reviews all past property transactions and looks for potential issues. Some of the most common problems include federal tax liens, local and state property tax bills, and unpaid mortgages. With this report, you'll know if anyone has a financial claim on your prospective property.

How Does It Work?

To create an abstract, a professional real estate researcher — known as an abstractor — conducts an in-depth property title search. The procedure involves examining all records regarding the property, including government documents. After completing their research, the abstractor combines their findings into a comprehensive document that outlines all of the information found.

How Long Does It Take?

The total time required to complete a property title search is specific to the property. Older properties take more time because there are more years to research. However, the number of previous owners is the biggest timeframe factor as every exchange of ownership requires significant investigation and analysis. On average, property abstracting takes anywhere from one week to one month.
 

Protect your financial future with a thorough property title search from First Financial Title Agency of Minnesota. Based in Burnsville, MN, the full-service closing title company is composed of respected and skilled abstractors, closers, examiners, and title attorneys. Combined, the team boats more than 400 years of experience. Learn more about their in-house property abstracting and title policy services online or by calling (952) 831-5010.