Expert: liznarr - 3/23/2009

Question
We are trying to buy a house but are having problems locating the abstract.  What do we have to do if it can't be located and about how much will something like that cost?

Answer
Hi Deb,

If you are referring to an abstract for title, this is something that should be done immediately prior to closing.  In my area, abstracts done by title examiners are not filed as public record; and I am assuming that your area might be the same, and possibly the reason why you cannot locate one.

In SC, an abstract of title generally costs around $200.  That amount, however, does not cover any other costs or services to close a transaction to purchase property.  The abstract is, simply put, a written history of all the recorded documents and proceedings related to a specific property.  It will reveal if there are any liens of record against the property which need to be paid off before you accept title.

I would suggest contacting a good title abstractor and paying to have the title checked out on the property you intend to purchase.

I hope this is the information you are seeking.  If not, let me know.  

Good luck to you, and feel free to write again if you have other real estate questions.

Regards,
Elizabeth