Abstract of title for new construction?

Question

We built a house 4 years ago and now we're selling to move to another state. My relo person said I need to forward the 'abstract of title' to the lawyer... that's fine but do I even have one since this is new construction? I'm the only owner of this house, ever...

Also - is the deed to the house the same thing as an "abstract of title" ?

*as you can see I'm very confused.... thanks.

Answer 1

Homes do not have Abstracts, land does. The land your home sits on has probably had many owners and abstracts detail the lineage of the ownership of the land. In the case of new construction, many times you do not get an actual abstract for your particular lot. The builder possibly had an abstract that covers then entire subdivision that he is selling homes in (for the life of me, I cannot remember the name of the document).

If this is the case that he most likely gave you an owners policy of title and you in turn would have to provide the same to the new buyers. If you read your title policy it will tell you this, or at the very least - check your title policy and call the company that closed on your loan in the first place. In general an abstract is a pricey document to replace so you would remember if you received one. Also, the title company might have just kept it in their records for you.

Torrens Certificates are fairly specific to the State of Minnesota and I am not sure if other states have them. They are a large, folded up document that only details what has gone on with the land since you have owned it.

I think in your worst case, they will have to do a 40 yr tract search and you will need to purchase an owners policy for the new owners.

Answer 2

The abstract traces the history of the property all the way back to when your state first became a state. Even though you home is the first home on the property, it may have been part of a farm or was otherwise owned by someone that divided up the land and developed it. No, it is not the same as a deed (which is generally filed with the county). Most of the time the homeowner retains the abstract or choose to have it stored by a document storage company. Do you pay an annual fee for document storage)? If so, contact the storage company.

As new as you home is, you may have a Torrens certificate instead of an abstract. The Torrens certificate is a small single piece of paper. An abstract is generally many pages and sometimes the papers are very old and odd shaped.

In either case, you would have been given paperwork at the closing OR you may have instructed the Title Company to have it stored for safe keeping.

Look through all of the paperwork you got when you closed on your home. You most likely have it on hand, but just don't know what to look for.

You might also check with the Title Company that did you closing. They can at least tell you if you have a Torrens or Abstract and if you stored it or not.

Replacing an abstract can cost many hundreds of dollars, so look everywhere you can think of for it.

Answer 3

A title abstract is the collection of all documents recorded that pertain to the property. In some places, it can go back to a land grant from the United States. It contains each conveyance to subsequent owners, mortgages and releases of those mortgages, and any easements or protective covenants of the subdivision.

Your deed is merely one document within an abstract. New construction doesn't mean the property doesn't have an abstract, even vacant land can be abstracted.

However, this isn't customary in all states. Some just don't do this as a matter of course. Your state may not, and the relo person is from a state where they do.

I'd say call this attorney that you're supposed to forward it to and get their input on what you need to send. They may be fine with sending a title searcher out to get it for them, or may recommend you hire a title search to get it.