An "abstract of title" is like a report card of a property's ownership history. It is prepared by a "title company" after they search the records related to the property. It does not protect against any title issues or inaccuracies, and the title company will not be held responsible for any mistakes. A "standard policy of title insurance" and an "ALTA title policy" are both types of "title insurance" which does protect against title issues. A "guarantee of title" is when the title company formally states that the title is valid.
These are questions that the above text answers:
1. What is an abstract of title?
2. Who prepares an abstract of title?
3. Does an abstract of title protect against title issues?
4. What is a standard policy of title insurance?
5. What is an ALTA title policy?
6. Do both types of title insurance protect against title issues?
7. What is a guarantee of title?
8. Who provides a guarantee of title?
9. Does a guarantee of title ensure the validity of the title?
10. Is a title company held responsible for any mistakes in an abstract of title?