What report includes chronological ownership history related to a specific property?

What report includes chronological ownership history related to a specific property?

• A. Title Binder
• B. Abstract of Title
• C. Property Survey
• D. Zoning Permit

Answer: (B)

The correct answer is the Abstract of Title. This document compiles the chronological ownership history of a specific property and reflects all relevant legal actions affecting the property. It summarizes the complete history of the title, including past owners, transfers, and any claims or liens that may have been made against the property. An Abstract of Title is critical in real estate transactions because it provides a snapshot of the property’s history to ensure that the current owner has the legal right to sell the property. It helps lenders and buyers verify the ownership and any encumbrances that may affect the property's value or future use. In contrast, a Title Binder serves as a preliminary commitment to issue a title insurance policy but does not provide a detailed chronological history as the Abstract does. A Property Survey maps the physical boundaries of the property and structures on it, while a Zoning Permit relates to land use and zoning regulations, not ownership history.

The correct answer is the Abstract of Title. This document compiles the chronological ownership history of a specific property and reflects all relevant legal actions affecting the property. It summarizes the complete history of the title, including past owners, transfers, and any claims or liens that may have been made against the property.

An Abstract of Title is critical in real estate transactions because it provides a snapshot of the property’s history to ensure that the current owner has the legal right to sell the property. It helps lenders and buyers verify the ownership and any encumbrances that may affect the property's value or future use.

In contrast, a Title Binder serves as a preliminary commitment to issue a title insurance policy but does not provide a detailed chronological history as the Abstract does. A Property Survey maps the physical boundaries of the property and structures on it, while a Zoning Permit relates to land use and zoning regulations, not ownership history.