In Minnesota, there are two basic types of property – Torrens Property and Abstract Property. In this article, we are going to talk about abstract property and what you need to know about it in regards to title insurance.
In a nutshell, an abstract is the entire history of title to a particular property. Abstracts offer a summary of the recorded history of the parcel of land you are dealing with, briefly noting each document of record that impacts title to the parcel, including:
In the past, abstracts were used by most states as evidence of title to a property. However, abstracts are not nearly as common as they once were. Most states simply conduct title searches using the public records these days, instead of relying on abstracts.
Issues to Be Aware Of
Even though abstracts are not widely used in many states, there are still some things you need to be aware of when it comes to your property. For example, in Minnesota there are two separate recording authorities for each county (one for Abstract and one for Torrens property). So it’s important to understand if your property is Abstract or Torrens property so you know how to move forward.
Get an Owner’s Policy of Title Insurance
An owner’s policy of title insurance is the best way for you to protect your ownership interest in your property. The first step in getting an owner’s title policy is to contact a title company and initiate a title search. At Commercial Partners Title Company, our title experts have been facilitating commercial transactions for several decades. We bring that level of experience to the table with each and every client we work with. Contact us today at our downtown Minneapolis office to learn more about our services!