An abstract update involves making current an existing, but old, Abstract of Title by adding all relevant documents recorded since the preparation or the most recent update of the existing abstract.
Defect in title refers to any issue, recorded instrument, or claim associated with a property that obstructs the grantor's ability to convey a clear and absolute title to a prospective buyer or new owner. Common examples include outstanding liens, unresolved legal claims, or errors in the property deed.
A Mortgagor’s Title Insurance policy protects the buyer or owner of real property from legitimate claims of ownership interest on the property, offering important supplemental coverage beyond the Mortgagee’s Title Insurance policy. Typically, the buyer covers the premium cost for additional security in property transactions.
The term 'Owner of Record' refers to the person or entity listed in public records as the legal owner of a property. While the owner of record is the recognized owner in official documents, beneficial ownership may differ.
