What is an Abstract Continuation in real estate?

An Abstract Continuation in real estate refers specifically to a history of the title to a property. It is a document that provides a summary of the chain of title, which includes all previous owners and relevant transactions related to the property. This is important for potential buyers, lenders, and title companies, as it helps verify the legality of ownership and reveals any liens, easements, or other encumbrances that may affect the property. By maintaining an updated abstract, parties involved in a real estate transaction can better understand their rights and obligations regarding the property.

The other options do not accurately describe what an Abstract Continuation is. A type of mortgage refers to a financing method, while a legal clause pertains to provisions within a contract. A type of insurance, on the other hand, relates to financial protection mechanisms. Understanding the definition and purpose of an Abstract Continuation is essential for navigating the complexities of property transactions in real estate.