EXPLANATION AND MEANING–
Summarized collection of all legal documents, transfers and legal actions associated or connected with a particular piece of land.
In real estate, an abstract of title is a document which contains all the necessary details of transaction history and proceedings relating to a particular piece of property.It shows all types of transactions that have been recorded and lists all the previous owners of the property (land, house or building)
It briefly summarizes all activities relating to the property and contains a list of all other important documents which affect the ownership of property
Generally, an abstract of title for property begins with an initial grant deed and then encompasses all subsequent changes in ownership.
Usually, an abstract of title includes records pertaining to wills, grants, conveyances, tax liens,encumbrances, mortgages, deeds, litigation, and easements and so on.
· A title search is often conducted to find whether the seller of the property is in fact, the owner and has a clear title and nobody else is claiming ownership. This process is very laborious and an abstract or is usually appointed.
For example, if I want to buy a house today, anywhere then as a part of the transaction, the title insurance company will obtain a copy of the abstract title of the house I want to buy and make sure that, the seller, who is selling the property is the real owner, and there aren’t any claimants on the particular house.
This is a traditional method of deducing title and is rarely used now in practice, it summarizes all related property dealings, beginning with the root of the title.It also mentions if whether the documents are stamped or executed.
CASE LAW –
1. GOUR CHAND MULLICK V. PRADYUMNA KUMAR MALLICK AND ANR. AIR 1943 CAL 6
Direction to release a person on bail, issued even before the person is arrested
The legal requirement that the state must respect all legal rights that are owed to a person.