When it comes to commercial title insurance, there are many differences in rules and customs between states. Perhaps the biggest difference between states is the historical reliance on abstracts and how those are handled in the present day. In this article, we are going to discuss what to know about the historical reliance on abstracts in commercial title insurance.
What is an Abstract?
An abstract is an explanation of the recording history for a particular parcel of land. In the past, most states used abstracts as evidence of title to a property. When placing an order for title insurance, the buyer or seller would provide their abstract of title to the title company, who would review the abstract, update the abstract, and then write up a title commitment.
Abstracts & Title Searches
In modern times, abstracts are not used in a majority of states – though there are still utilized in some states such as Iowa and some parts of the Dakotas. In other states, the current common practice is for the title company to do a title search directly from the public records.
Contact a Commercial Title Pro
When you’re working on a commercial title transaction, it’s important to partner with a title company you can trust. At Commercial Partners Title Company, we have decades of experience facilitating title transactions of all shapes and sizes. We can help you through all the ins and outs of your next commercial title transaction and make sure all of your bases are covered when it comes time to close on your property. Contact us today at our downtown Minneapolis office to learn more about our services and how we can help!