What’s the purpose of a real estate property abstract?

henry315_ny asked:

In New York state an “abstract” is kept for real estate properties as they pass from one owner to the next. Can someone please explain to me the purpose of this abstract? What does it contain? What is it used for? How can I obtain the abstract for my house? I signed dozens of documents at the time of the close but of all of the documents I received, this was not one of them. Could there be some information about my house that someone doesn’t want me to see?

Thanks very much for taking a minute to help with this:)

Henry

Comments (1) Posted in Renting & Real Estate

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One Response to 'What’s the purpose of a real estate property abstract?'

Bibs - February 25th, 2010 at 4:29 am
An abstract is a legal history of the property. It lists all encumbrences, easements, leins, judgments, mortgages, disputed boundaries, etc. When you bought the property, you received a title insurance policy. This policy protects you against any defects in the title. The insurance company reads the abstract before they insure you. I read one of these abstracts on one occasion. They are very interesting. Shortly after the American Revolution, Congress gave the Federal government the right of eminant domain to build a canal through my property..Of course, the advent of the railroad eliminated the need for the use of canals in most cases.