When you’re buying a loft or condo for sale in DTLA, you’ll hear all kinds of unfamiliar terms – and one of them is abstract of title.
What is an Abstract of Title?
An abstract of title is a written record of every document and proceeding related to a property. When you buy a condo or loft, your attorney or title company will conduct in-depth research that brings up every recorded document that’s had anything to do with that piece of real estate – and that’s an essential part of the home-buying process.
What Shows Up on an Abstract of Title?
All kinds of documentation can show up when your title company or lawyer is searching, such as:
- Liens against the property in the past will show up – and they have to be paid in full before you can get the title to the home.
- Surveyor notes. While this isn’t necessarily an issue with condos or lofts, surveyor notes are part of an abstract of title. When there’s an encroachment on the property, it’ll show up in surveyor notes.
- Again, easements aren’t necessarily an issue with a condo or loft. (An easement is a certain amount of property reserved for installation or repair of public works projects, like water and sewer lines, electrical lines, and those types of things.)
Are You Buying a Loft or Condo for Sale in DTLA?
If you’re thinking about buying a condo in Los Angeles or a nearby community, call us at 213-254-7626 or contact us online.
While you’re here, check out our:
- LA Arts District homes for sale
- LA’s Historic Core homes for sale
- Homes for sale in Little Tokyo
- Bunker Hill homes for sale
- City West homes for sale
- South Park – Downtown homes for sale
- Homes for sale in LA’s Fashion District
- Homes for sale in the Los Angeles Financial District