Abstract of Title
Abstract of Title, a summary that gives the essential facts of all deeds, mortgages, releases, or other transactions affecting the title or legal right to a tract of land. A complete abstract states how the original owner came into possession, and describes all transfers to the present time. It also shows what taxes, if any, remain unpaid, and whether any judgments or other obligations exist that weaken the title.
An abstract is generally compiled from public records, but the original instruments (such as deeds, mortgages, judgments, probates, and the like) may be examined. Ordinarily the seller of a property is expected to furnish such an abstract for the inspection of the buyer, but usually the seller is under no legal obligation to do so. Most abstracts are drawn up by title companies or individual lawyers.