To ensure a smooth real estate transaction, disclosure of the full legal history of a property is critical. As such, the creation and review of a mortgage abstract needs to be a priority. It not only saves time, but also adds a valuable level of transparency to the process.
The mortgage abstract is an essential tool summarizing or listing out all the legal activities associated with a particular piece of real property. While the length and complexity of a mortgage abstract may vary, the key components remain the same.
Critical information for a mortgage abstract includes:
- Deeds
- Mortgages
- Litigations
- Legal claims
- Tax sales
- Title transfers
- Encumbrances
- Easements
- Restricted covenants
In addition, the abstract should include a list of every past and present owner, how long each held that ownership, when that ownership changed, and the events surrounding the change of hands. Establishing a chain of ownership can help present a clearer picture of the property’s history and the potential for more legal activities.
Essentially, a property’s condensed legal history must show that the property comes with a clear title, free of liens or claims, and that the seller is the actual current owner. The information critical to proving each of these can take time to compile and review, and utilizing a partner for support is another way to help you more efficiently manage the real estate transaction process, improve accuracy, and expedite the overall workflow. It also frees you up to focus on the other areas that require your time and attention.
Baer Reed is a boutique legal services outsourcing firm with a specialization in real estate services. Our team can research and compile the legal history of a property and prepare the mortgage abstract and other real estate transaction documents. Contact us today to find out how outsourcing to us can benefit you and your team.
Mr. Reyes graduated with honors from the Ateneo de Manila University, where he received the Procter and Gamble Student Excellence Award. He obtained his Juris Doctor degree from the Ateneo de Manila School of Law. During law school, Mr. Reyes was part of the Philippine delegation to the Willem C. Vis International Commercial Arbitration Moot held in Vienna, Austria. He was also a member of the Ateneo Society of International Law and the St. Thomas More Debate Society. He completed his internship at the Public Attorney’s Office. He wrote a thesis entitled: “To Kill A White Elephant: An Analysis of the Fiduciary Exception to the Corporate Attorney-Client Privilege”. Mr. Reyes is admitted to practice law in the Philippines and the State of New York.
Ms. Lardizabal-Manzano is a graduate of San Sebastian College-Recoletos, where she earned her B.A. in Political Science. In 2003, she received her law degree from Lyceum of the Philippines and was admitted to practice law in 2004.
Matthew Hersh earned a B.A. in Political Science from Columbia University in 1990 and graduated cum laude from Georgetown University Law Center in 1999. He also holds a master’s degree in international relations from the Georgetown University School of Foreign Service.
Cap. Avi Levak (Res. IDF) graduated from from Israel’s prestigious Ben-Gurion University of the Negev with a Bachelor of Science in Computer Science and Mathematics. He is also a Leadership and Communication coach trained in TuT coaching by Alon gal in Israel. Avi specializes in high-level, in-depth analysis of business and client needs, within systems and software strategy and architecture.
Ms. Tyler graduated cum laude from Georgetown University and received her law degree, cum laude, from Georgetown University Law Center. During law school, she interned at the United Nations Economic Commission for Europe. She also worked on The Tax Lawyer journal and was a member of the award-winning Barristers’ Council Mock Trial Team. Ms. Tyler is admitted to practice law in the State of California and the District of Columbia.
Ms. Cruz-Anonuevo graduated cum laude and top nine in her batch from Miriam College with a degree of Bachelor of Arts in InternationalStudies. She obtained her Juris Doctor degree from Ateneo de Manila University School of Law in Rockwell. During law school, she interned in Rivera, Santos, Maranan & Associates. She was also part of Ateneo’s Labor Law Bar Operations. She wrote her thesis on, “Stealing Privacy: Limitations on Media’s Photographic Invasion.,” Ms. Cruz-Anonuevo is admitted to practice law in the Philippines.
Ms. Aquino-Batallones obtained a Bachelor of Arts degree in Development Studies (with Minors in Global Politics and Hispanic Studies) from the Ateneo de Manila University. In 2011, she received her Juris Doctor degree from Ateneo de Manila University School of Law. During law school, she interned at Romulo Mabanta Buenaventura Sayoc & de los Angeles then became an intern of Ateneo Legal Services Center’s Clinical Legal Education Program.
Mr. De Guzman graduated from San Beda College with a degree of Bachelor of Arts Major in Economics and received his law degree from San Beda College of Law. He is multilingual and is fluent in three languages: Chinese, Filipino, and English. He was admitted to the Philippine Bar in 2003.