Do you know for certain that you own your property? Are you restricted from doing certain things on the property you own or rent? The fact is that no matter if you are renting or buying a property, it is crucial to understand the history of the property to ensure that you aren’t hindered from doing what you intend to do. This is where you need an abstract title company like Ector County Abstract & Title to help you with the research. They have records dating back hundreds of years to provide a detailed report of your property. Don’t just assume everything is okay because that can come back to bite you.
What Is An Abstract?
Most people are not familiar with what an abstract is when it comes to the title of their property. 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.
You may think that an abstract isn’t important, but if you get contacted as the owner of a property for something that you didn’t know about or do, the abstract will give you an idea of what that issue is.
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.