Add Lots Title with airSlate SignNow

Add lots title

hey guys it's jake with high point land company i'm gonna talk about uh what an abstract is where do you find it uh why you should keep it and where you should where you should keep it so uh an abstractive title looks like this it's always got some some kind of uh paper on it it's going to be either brown or or tan or green um with uh it's going to kind of look like this old scribe with a whole bunch of pages in there and uh so they're gonna they're gonna look like this and say abstract of title on the front and it's gonna have a legal description the following premises property uh situated in ex-county uh in the state uh uh with a legal description or a meets and bounds description so that is what it's going to look like it's going to have these big binders on top and then it's going to have this on top and it's it's going to be lots and lots of pages we get asked all the time um when we go to sell a property for somebody especially from folks that have inherited farmland or hunting land or rural property in minnesota iowa and wisconsin before we close on that property we're going to need to have the abstract taken to the county abstractor and or the attorney that's representing the client and they're going to update that so the new buyer can take title to it and they're going to look through the the abstract and see is there any liens recorded to it or encumbrances or easements or anything that's on that property so where you're going to find it if it is inherited property more than likely if there was a farm file that has the tenant information the rental information past property taxes uh manila envelope i've seen them wrapped up in pringles cans i've seen them uh um at the previous attorney that did the closing and or the estate uh from one uh let's say one person passes away and then another uh still owns the property like in a spouse or a parent situation that abstract might be at the attorney's office from that it might be at the bank in the vault from who had a lien on the property as far as a loan they might hang on to it and keep it in a safe spot or a safety deposit box at the bank any place that they would have had documentation a safe a filing cabinet a place where any of the paperwork or the important things would be that's usually where the abstract is it's going to be a lot like a car title and it's going to say all the things who's owned the property in the past uh and i mean way way into the past sometimes into the into the 1800s or we've seen them back into like 1700s from the original claim you know there was abstracts and chain of title it's called uh that are documented in these abstracts so they're going to look like like i said they're going to have a colored back on them more than likely they're going to be about 14 to 18 inches long on a legal piece of paper with a binder at the top and then they're going to continue to either take pages out or add pages to them based on what you're doing at the property if you're surveying it often you're splitting it if you're buying more property or selling this property they're going to add and subtract based on the legal description that that property that that abstract describes now as far as um when you get a property if it doesn't have an abstract they can do a 40-year back search and make sure there wasn't any liens or encumbrances and they can recreate them but those documents in my experience cost anywhere between 15 to 25 hundred dollars to recreate so in the case in front of me i have one two three four five six of them um you know when you're talking 1500 to 2500 a piece if you own a big property uh that has a lot of abstracting to it uh those abstracts can get very expensive to recreate and replace and uh and look up the uh the previous ownership to make sure that there's not any liens or encumbrances on that property the last thing you want to do is take a property without any kind of title opinion or search completed by an attorney or a title company because if you purchase a property and it has a lien recorded on it for fencing that wasn't paid for or a pond or construction or a home that was built or a bank did a loan on it and it was recorded you might very well have a lien on that property that you have to pay in order to uh to own that property free and clear to sell it to the next buyer so abstracts are very important that's what they look like that's kind of what they represent and again if you're looking for them for a property that you've inherited or a property that maybe you bought 20 years ago and you don't know where the abstract is you would have put it in a place that it was important because the attorney the banker the real estate company all would have told you that this is an important document keep it do not throw them away um if you have one and you're not you're not sure what property it's to you can go to the county abstractor or you can go to an attorney or maybe a real estate agent that sells land specifically and um and a lot of residential folks i mean you'll have them for a residential house also commercial building um in a lot of states but iowa is one of the states that that still uses them with iowa title guarantee so they're very important um uh keep them unless uh somebody reads through it and says you have a title commitment or title insurance like in minnesota or wisconsin but in the state of iowa especially hang on to them keep them uh they if you own the property and or you sold it to somebody else they're gonna want that that abstractive title and uh and to be able to see who's owned it in the chain of ownership in the past and if there's any liens or encumbrances on it