Legal Briefs

From the Law Firm of Cynthia Kukuvka

We are in the process of re-financing our home and need our Abstract of Title.  We have looked in all of our paperwork from when we bought this house, but we don’t seem to find anything with that name on it.  Any suggestions?

 

The abstract of title for property is usually a legal sized document, with several pages attached to it, and has a cover on it that will state ‘abstract of title’.  If the home owner has the abstract it is usually kept in a fire-proof location, like a safe, fire-box, or safe deposit box.  It is not uncommon for a homeowner not to have their abstract.

 

A little background.  If a person sold property prior to and right after World War II, it would usually be transferred, along with the Deed to the property into yourself, with all of the back deeds, mortgages, discharge of mortgages and any other original paperwork effecting the title to the property.  This occurred because property did not transfer very often.  Many times property would remain in the same family for fifty to one hundred and fifty years.  It made no sense to set out the ownership of the property all in one place, everyone knew who owned the property.

 

After WWII, when society became more mobile, land started changing hands more frequently.  Homeowners would follow the job, and uproot their family to advance in the business world.  This changed the length of home ownership over time, so that today it is not uncommon for people to live only five years on one piece of property before relocating.  With these additional transfers, it became more difficult for the title to property to be traced, viola, the development of the Abstract of Title.

 

The Abstract tracks the ownership of real property (note: not the house, or the ownership of a house, but the land) from one successive owner to another.  It will also list all other liens or encumbrances upon the property, such as mortgages, easements, judgments, or tax liens.  This is kept all in one place, making it easy to trace the ownership from the present owner backwards.

 

Originally Mortgage Banks maintained the abstracts in their files.  This was to insure that if the property was sold they would be informed about it, as the owners would be looking for the abstract,  also the Banks kept the abstract readily available should the Bank need to foreclose on the property.  When the Banks realized that space was a problem, they had the Title Companies themselves keep the Abstracts, or the Bank’s Attorney’s keep the Abstracts.  With the many transfers going on today, most of the time the Abstract is forwarded directly back to the property owner after the recording of the deed has been completed.

 

To look for your abstract, start with your current Bank.  If they do not have it, check with the Attorney who helped you when you purchased the property originally, they may have some idea where it went.  The Title company may also know.  (To find the name of the title company check out your original HUD closing statement, second page, it will list the title company).

 

If you can not find your abstract, you may be required to have a new one reproduced.  This can be costly.  You really want to go back to the original title company and see if they may have a copy of your abstract, or at least notes in their file concerning the property to reduce the cost to you.  Good luck.

 

As always this is a general answer to a general question.  Each legal issue may contain other factors that need to be discussed with your own attorney.

If you have a question for Attorney Kukuvka, please mail them to her at 330 E. Main St, Palmyra, NY 14522. Or cklaw@verizon.net       .